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Carbon Credits - A Step to Sustainable Future of the World

Author Affiliations

  • 1Chemical Engineering Department, Institute of Technology, Nirma University, Ahmedabad, Gujarat, INDIA

Res. J. Recent Sci., Volume 1, Issue (ISC-2011), Pages 388-397,(2012)

Abstract

Clean Development Mechanism (CDM), a flexibility mechanism of Kyoto Protocol, discusses trading and transferring of emission allowances between developing and developed nations. The shift to renewable energy options and low carbon technologies, in response to the concerns over energy security and climate change, is proceeding more slowly than many would like. CDM, a project-based system, aims to accomplish the overarching goals of the Protocol. It aims to encourage sustainable development in developing nations and intends to reduce the cost of compliance with the Protocol for developed nations. CDM Projects are designed for reducing greenhouse gases and increasing green cover on earth. It involves projects like energy efficiency, transport, methane recovery, industrial process changes, cogeneration, agricultural sector etc. CDM also known as “Carbon Trading” or “Carbon Credits” is the way of reducing carbon emissions and gain ‘Certified Emission Reductions’ (CERs) for a developing country in return to the technology, funds etc. provided by a developed country. In this process World Bank (WB) acts as a referee and provides carbon credits to developed countries. Recently held Carbon Bazaar’10 in New Delhi, India witnessed the presence of huge number of big industrialists and various government firms across the globe. This shows the concern of the world towards carbon credits. A “Zero Carbon Footprint ”initiative carried out successfully at our college has been included in the paper. It includes the calculations of emissions by the raw materials used in the manufacture of the paper we use, computer we work on, the packaging of our groceries or the disposables such as cups, cartons and plastic bags from its production till its disposal, be it in their manufacturing process which consumes fossil fuel generated electricity or the transportation process which causes more emissions by way of vehicle exhaust. An equivalent number of plants were planted in the university premises which amounted to the net carbon emitted during the entire event. Some of the registered projects in India, included in this paper, show the initiation of our nationt owards carbon credits. The emergence of a global carbon credit economy is likely to precede a global regulatory system governing climate change and will doubtlessly help to stimulate the emergence of such a global system.

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