Exploring the barriers to the adoption and implementation of carbon emission trading practices for a carbon neutral society

Abstract

Achieving a carbon–neutral society requires effective implementation of carbon emissions trading practices. However, various barriers hinder the adoption and implementation of these practices. This study investigates the barriers to carbon emissions trading practices, focusing on industry professionals' perspectives. A quantitative approach was employed, collecting data from 80 industry professionals. Principal Component Analysis (PCA) was used to analyze the data. From the study, major barriers to carbon emission trading adoption include limited infrastructure (0.750), rigorous monitoring systems (0.744), high production costs, and lack of emission reduction incentives, hindering effective carbon reduction strategies. The findings reveal that limited infrastructure, rigorous monitoring systems, high production costs, and lack of encouragement for emissions reduction are significant barriers. This study identifies and prioritizes key barriers to carbon emissions trading adoption in Nigeria's construction sector via PCA of 263 professionals' perceptions. Providing sector-specific insights, it informs targeted policy interventions, addressing a critical gap in Nigeria's carbon market development. By addressing these barriers, industries can transition towards sustainable practices, reducing their carbon footprint and contributing to a more environmentally friendly future. This study's findings have implications for policymakers, industry professionals, and researchers seeking to promote sustainable development and mitigate climate change. The recommended monitoring and evaluation framework can guide the development of effective carbon emissions trading systems.