ANALYSIS AND SCOPE OF CARBON CREDIT TRADING IN WATER RESOURCES PROJECTS

Abstract

Environmental degradation and global warming are imminent catastrophe with irreversible consequences. The increase in emissions of the GHGs (Green House Gases) is the major factor leading to the climate change and global warming. It is the main agenda of discussion at meetings held at global level including the Conference of Parties. To alleviate the dangerous atmospheric deviation, carbon credit is a significant part at global and public levels. Carbon credits exchanging gives a method for lessening fossil fuel dependence and lowers the emission of by-products generated from it. These carbon credits can be exchanged between two business entities or bought from worldwide market at an extremely ostensible cost. This sum can likewise be utilized to back different carbon reducing plans among the exchanging associations all over the planet. Carbon trading as a concept is not fully developed in India and huge awareness needs to be created to make it a great business opportunity as foreign companies in developed nations are bind to GHG quota allotted under Kyoto Protocol and therefore can buy surplus credits on exceeding it. Efforts at individual level and at governmental level need to be taken in addition to policy push towards expanding carbon trading. Carbon credit trading find its scope in various sectors such as agriculture, building sectors and industries, energy, marine, technology, forest, agroforestry etc. Developing countries like India must focus on this concept and explore the scope of carbon credit trading in various sectors by adopting proper methods and technologies. This will not only lead to economic development but also will lead to development of nation as a whole by providing opportunity for people to contribute to betterment of nation with their skills. In this review paper, carbon trading has a concept has been studied and its scope in various sectors such as processing industries, energy sector, marine, technology, power sector, agroforestry, carbon sink in urban spaces etc. is explored, analysed and presented and an attempt has been made to provide comprehensive preview.