Carbon Finance: Scope for the Sustainable Development of India

The economy of India is the tenth-largest in the world by nominal GDP and the third-largest by purchasing power parity (PPP). India was the third largest CO2 emitter in the world in 2009, following China and the United States and slightly ahead of Russia. Does this mean that India is set on a path of lower economic development than before, or that attempts to restore high growth are bound to bring intense carbon emission? The consequences of lower growth would include fewer tax revenues to spend on building infrastructure, social activities, well defined cities and the country's armed forces. Yet slower growth may also bring several benefits like lower inflation, less environmental damage and more equality. Carbon Finance could help India for sustainable development as growing economy.