Volume : 2, Issue : 5, May - 2013

Carbon Credits– A Solution to Global Warming

Ingole S. P. , Nagpurkar A. G. , Kakde A. U

Abstract :

Global warming is the rise in average temperature of earth’s atmosphere and oceans. Earth’s mean surface temperature has increased by about 0.8°C. Warming of the climate system is unequivocal and scientists are more than 90% certain that it is primarily caused by increasing concentration of greenhouse gases produced by human activities such as burning of fossil fuel and deforestation. A carbon credit is generic term for any tradable certificate or permit representing the right to emit one tons of carbon dioxide or the mass of another greenhouse gas with a carbon dioxide equivalent to one tons of carbon dioxide. In modern time the burning of fossil fuels like coal, oil and natural gas in which carbon has been stored for millions of years combined with accelerated land clearance has led to exceptional levels of greenhouse gas emissions. The carbon credit is one of the outcomes of Kyoto protocol, an international agreement between 169 countries. Carbon credits create market for reducing greenhouse gases emission by giving a monetary value to the cost of polluting the air. This means that carbon becomes a cost business and it seen like other inputs such a raw materials or labor