Abstract
In recent years, Indian companies have discovered a new way of making money. Chemical and other industrial firms running facilities that generate gases with global-warming potential cut back or eliminated the damaging emissions in exchange for credits they then sold to companies in richer countries. The engineering often wasn’t difficult, and the money was good. Now, the easy money from selling carbon credits is coming to an end. Prices for the credits have dropped precipitously, and trading in credits from the most lucrative projects is set to be shut down. Indian chemical companies haven’t given up on selling carbon credits, but they are resigning themselves to the fact that the credits are no longer a route to riches. The credits are a result of the 1997 Kyoto protocol, which divided participating nations into industrialized and developing groups. The pact placed the burden of reducing greenhouse gas emissions on the 38 ...
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