Abstract
Finance is a strategic decision making area where risk and return goes hand in hand. In this complex environment, global village concept has a wide range of responsibilities and opportunities. A new threat to business today i.e. commitment to countries to reduce pollution because of global warming is converted in to a opportunity by creating a market mechanism through Clean Development Mechanism (CDM). As a new branch of Environmental finance Carbon finance is applied to investments in GHG emission reduction projects and the creation of financial instruments that are tradable on the carbon market. The paper deals with the basic concepts involved in carbon finance primarily with how various CDM project is financed and the benefits of financing for both host countries and home countries. As a part of analysis a bilateral railway project is considered to understanding funding pattern and in a way they get carbon credits. The parties involved are DMRC and Japan Carbon Finance Limited.
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