CARBON TRADING AND CLEAN DEVELOPMENT MECHANISM IN INDIA- AN INTRODUCTIONS.K. KANSALAbstract This paper states the basic concept of carbon trading. Carbon trading is concerned with controlling the emission of green house gases which are responsible for global warming. Kyoto protocol is one of the most important milestones to tackle this global challenge. This protocol divides the nations into Annex I countries which include developed countries who have accepted greenhouse gas emission reduction obligations and Non-Annex I countries which include developing countries who have no greenhouse gas emission reduction obligations. The first commitment period starts from calendar year 2008 and ends in calendar year 2012. India being a developing country has no emission targets to be followed however can enter into clean development mechanism (CDM) projects. CDM projects in India contribute towards the sustainable development. The climate summit held at Durban has agreed that Kyoto protocol will be extended post 2012 but its precise details are still to be finalized. However, worlds carbon markets are thought to be out of danger of disruption. This summit may prove quite significant in a sign of how widespread the global impact of carbon emissions is and how far reaching the efforts are to reduce them for the projects in India post 2012.
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