The phenomenon of change in atmospheric conditions due to air polluting gases is called as global warming. Carbon-dioxide is one of the Green House Gases causing global warming. Green House Gases also includes some other gases like methane, hydrofluoric carbon etc. Since 19th century’s industrial revolution till today emission of Green House Gases into the environment has increased tremendously due to the impact of intense industrialization. Currently it is the biggest challenge to all the effect on the environment.
One of the solution for this problem is trading of carbon credits both within and outside the regulated areas. Under this system, certain norms regarding emission of Green House Gases are implemented on various commercial units. Today possibility of getting environment polluted has been deducted. This study reveals various potential of business opportunities in carbon credit market in India. Keywords: Kyoto Protocol, Clean Development Mechanism (CDM), Green House Effect.
Since 19th century till present, world climate have undergone a tremendous change, thanks to the effects of industrial revolution. Significant increase in industrial activities has impacted the atmosphere in which we live. Climatologists, researches draw our attention to the release of harmful poisonous greenhouse gases at alarming rate such that droughts, inundations, tsunamis, forest fires becoming now more frequent. Mankind possesses one of the greater challenges to globalization era to curtail emissions actually to save his existence on earth. The primary human source of carbon dioxide (CO2) in the atmosphere is from the burning of fossil fuels for energy production and transport. Changes in land use and deforestation also contribute significantly, trees, for example, are natural ‘carbon sinks’ they absorb carbon dioxide while alive and when they are destroyed, carbon dioxide is released into the atmosphere. Once in the atmosphere, most of the carbon dioxide stays there for 50 to 200 years, and some of it stays there indefinitely. Carbon is the major contributor to all Green House Gases which leads to global warming. Increased Green House Gases presence in the atmosphere causes entrapment of earth surface’s outgoing heat, this leads to an overall increase of earth’s atmospheric temperature, popularly known as ‘Global Warming’. The effect of global warming is becoming more eminent day by day to such extent that it has started affecting globally. To overcome this global challenge, several attempts were made in the form of global meet by nations in 1987’s ‘Montreal Protocol’ this control emission of chlorofluorocarbons (CFCs) and other Ozone Depleting Substances (ODSs), ‘Rio Earth’s Summit’, 1992 and ‘Kyoto Protocol’ in 1997 talks about controlling emissions of fluorinated gases (F-gases) hydro fluorocarbons (HFCs), per fluorocarbons (PFCs). Important Green House Gases are;
Sr no GHG constituent
1 Carbon dioxide (CO2)
1 31% 5-200 70-72%
2 Methane (CH4)
21 151% 12 20%
3 Nitrous oxide (N2O) 310 - 114 6-7%
140-11700 - 1.4-260 -
5 Per-fluoro-carbons (PFC)
7000-9200 - 10,000 to
6 Sulphur hexafluoride
23900 - 3200 -
Intergovernmental Panel on Climate Change, IPCC 2001
Miniscule contribution, not measured
*GWP: Global Warming Potential (amount of heat retention ability of gas as CO2 equivalent) *Atmospheric life: The time the gas stays in the atmosphere
GREEN HOUSE EFFECT
The greenhouse effect is a process by which thermal radiation from a planetary surface is absorbed by atmospheric greenhouse gases, and is re-radiated in all directions. Since part of this re-radiation is back towards the surface and the lower atmosphere, it results in an elevation of the average surface...