Abstract
Decarbonizing the global economy is a strategic imperative as has been suggested by Intergovernmental Panel on Climate Change (IPCC) by striving for a transformation in energy production. This calls for low carbon transformation by the middle of this century and adoption of new pathways which shall help in achieving this objective. Runway climate disruptions and warnings by leading climatologists, ecologists, agronomists and economists have led to a process of shifting of world to a low carbon economy. In this backdrop, it becomes essential to analyze the basic factors, perspectives and drivers of carbon market in India. To analyze the theoretical framework and to present anecdote of carbon credit market in India, the paper understand the price discovery mechanism/information spillover/market efficiency and volatility dynamics in Indian carbon credit market and examines the reasons for the carbon credit market failure in India. For the purpose of study, data of Spot and Future prices of Carbon Credits has been collected from official Statistical database of Multi Commodity Exchange of India. The time period has been taken from June’08 to Nov’11 on a daily basis and various reports have been gathered from virtual databases. The paper concludes by suggesting strategies for the revival of aforementioned market in India.
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