India can strike gold with carbon credits

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Mumbai, June 13 : India, which contributed about 3% of the global green house gases (GHG) against the global average of 5.2%, has cleared over 360 clean development mechanism (CDM) projects. These projects in India could fetch nearly Rs 29,000 crore in the next seven years, said Srikanta K Panigrahi, director (environment and forest), Planning Commission.

“India’s carbon credits market is growing and the country has the potential to emerge as the leader among developing countries in exploiting the market for certified emission reductions (CER) towards addressing the issue of global warming through the CDM under the United Nations Framework Convention on Climate Change (UNFCCC),” he added.

Mr Panigrahi was addressing a seminar on CDM organised by the Federation of Indian Chamber of Commerce and Industries (Ficci) here on Tuesday.

CDM was one of the three mechanisms to be mooted by the Kyoto Protocol in 1997 to curb the emission of GHGs. Developed countries, which have overshot emissions levels will either have to reduce emissions or borrow/buy them from developing countries, said Mr Panigrahi.

Clean effect

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