New Delhi: India, emerging as a world leader today in reduction of green house gases through Clean Development Mechanisms (CDM), has earned more than Rs 10,000 crore over the last two years through carbon credits.
Carbon credits are measured in units of certified emission reductions (CERs). Companies gain these credits by adopting cleaner technologies. Each CER is equivalent to one tonne carbon dioxide reduction.
Companies from the developed countries can meet their mandated green house gas emission reduction under the Kyoto protocol by buying carbon credits from India or other countries.
''The CDM has today relegated biotechnology to the second place as the most dynamic sector, Secretray Environment Pradeepto Ghosh said.
''We have to exceute over 300 CDM projects with an investment of Rs 17000 crore. These projects are to be completed by 2012,'' he said on Wednesday.
At present, India contributes about three per cent of the global green house gases (GHG) against the global average of 5.2 per cent.
It has the potential to emerge as the leader among developing countries in exploiting the market for certified emission reductions (CER), thus helping in arresting global warming through the CDM under the United Nations Framework Convention on Climate Change (UNFCCC), said Ghosh.
CDM was one of the three mechanisms envisaged by the Kyoto Protocol in 1997 to check the emission of GHGs.
Developed countries, which have exceeded emissions levels can either cut down emissions or borrow or buy them from developing countries.
US accounts for 30 per cent of global emissions for example, so India, with three per cent of it, can transfer part of its allowed emissions to the developed countries and earn money in exchange.
However, it can do it by adopting CDM and accruing carbon credits.
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