Research Scholar, JRF,
Department of Economics,
University of Allahabad.
The growing concern for global warming resulted in the United Nations framework Convention on Climate Change (UNFCCC) at the Earth summit in Rio de Janeiro to fight against the harm of global warming in 1992. With this emerged the Kyoto Protocol and came into force in 2005. The Kyoto Protocol has three mechanisms, of which Clean Development Mechanism is the mechanism which allows developed countries to establish project in developing countries. This helps the developing countries to establish low carbon emission technology for which they earn carbon credits. This carbon credits are then sold in the international market for economic benefits of reducing carbon or carbon equivalent emissions. But since it came many ups and down have been faced by India. This is a big opportunity for India not only in monetary terms but also adding to its role to cut down emissions to mitigate global warming. As per the predictions of the Intergovernmental Panel on Climate Change (IPCC, a UN body tasked with the science of global warming) if nothing is done to slow down global warming, the amount of CO2 will double by the year 2060, causing the world’s temperature to rise by about 2.5˚C (4.5 degree Fahrenheit). The paper thus studies the present state of affairs in this regard and potential of India in Clean Development Mechanism.
Keywords: Climate Change, Kyoto Protocol, UNFCCC (United Nations framework Convention on Climate Change), Clean Development Mechanism (CDM), Certified Emission Reduction (CER)