The City of Cape Town has raised R36 million in an auction of carbon credits for a project that will convert waste to energy in an effort to combat greenhouse emissions.When that allowance is exceeded, a company can buy a carbon credit to offset its additional emissions.
‘Carbon credits are earned for each tonne of greenhouse gas that is destroyed through City projects that have been registered with the UN-approved Clean Development Mechanism ’, the City said in The funds raised from the carbon credit sales will be allocated to urban waste management projects that reduce pollution and ultimately improve environmental health.
The City has explained that it has infrastructure that is capable of destroying landfill gas via flaring before it can enter the atmosphere and contribute further to climate change.