Indian Institute of Foreign Trade, New Delhi.
Climate changes and it has been changing fast. In other words the world is warming up. Global warming affects the every living thing on the planet earth. So the planet earth is threatened with the consequences of global warming. The Inter Governmental Panel on Climate Change (IPCC) has predicted in its Fourth Report that the world will witness air and ocean temperatures increasing between 1.1°C to 6.4°C, wide spread melting of snow and rising sea levels between 18 cm to 59 cm by 2100. Management of climate change requires global action and at the same time it offers trading opportunities to developing countries like India. In this global warming up scenario there are threats, challenges as well as opportunities to some. So the concept of carbon credits and trading (CCT) was born to help reduce the GHG emissions. As carbon credit business is new, the emerging scenario is positive and full of speculation. While the developed countries find it more profitable to buy CCs from developing countries without resorting to cut GHGs emissions in their own countries, the future business for trading will be one of expectations. While China has taken full advantage of trading in carbon credits, there is no reason why India can not grab the situation.
