ABSTRACT
Throughout the world, countries are adopting policies in an attempt to make progress against climate change. Common approaches include increasing renewable energy generation and encouraging energy efficiency. The positive effects of these are reducing dependence on petroleum, reducing our vulnerability to energy price spikes, promoting development of local economies, and improving air quality. Another major approach is addressing the CO2 we have already generated and doing something about managing that. One answer currently available is carbon sequestration—the actual storing of CO2 in designated repositories so that it can no longer add to the climate change problem. This chapter examines several other mitigation and management options being utilized today including cap and trade as a policy tool, how the carbon trading market works in an international arena, the need for global action, and possible economic implications. It also examines the carbon pricing rationale and compares it with the cap and trade approach. Next it looks at both direct and indirect carbon sequestration and storage and then examines both geologic formation and deep ocean sequestration. Following that, this chapter reviews the economic benefits of carbon storage and concludes by exploring the value and necessity of various global adaptation strategies.
