Friday, July 27, 2007

Cashing in on carbon

A quick overview from the Times of India.

... Wondering, how the Kyoto protocol spells a business opportunity? Commonly referred to as carbon trading, it is a system whereby countries or individual companies are given emission targets. The protocol under the UN Framework Convention on Climate Change primarily assigns mandatory emission limitations for the reduction of GHG emissions to the signatory nations.

It is because of Kyoto protocol that countries across Asia are promising sweeping action, from cleaning up concrete plants, to sowing new forests that absorb carbon dioxide, to harnessing methane from landfills to generate power. And the list is increasing as the threat looms larger than ever. The system is helping foster green investments in countries that are home to some of the world's biggest polluters.

According to a World Bank study, while the global carbon market tripled in 2006 to $30 billion from $10 billion in 2005, carbon emissions trading in Asia reached a volume of $21.5 billion from January to September 2006, more than doubling the total volume for 2005.