Clean Development Mechanism: Indian Step Sustainable Environment

¹ Assistant Professor, Symbiosis Law School (SLS), Symbiosis International (Deemed University) (SIU), Vimannagar, Pune, Maharashtra, India.
² Deputy Dean Faculty of Management Sciences, Durban University of Technology, South Africa.
³ Associate professor, Maharishi Markandeshwar Institute of Management, Maharishi Markandeshwar deemed to be University, Mullana.
⁴ Assistant professor, Maharishi Markandeshwar Institute of Management, Maharishi Markandeshwar deemed to be University Mullana.

¹ abhinav.shrivastava@symlaw.ac.in
² melaniel@dut.ac.za.
³ sharmaanupam4@gmail.com
⁴ bajaj.shivani53.sb@gmail.com

Abstract

The Kyoto Protocol established the Clean Development system (CDM), a cooperative system that might help developing nations achieve sustainable development by encouraging environmentally conscious investment from firms and governments in affluent nations. An overview of the CDM's history, composition, and project cycle is given in this publication, which also looks at the benefits and potential value for participating developing nations like India. The Ozone layer is being weakened by pollution brought on by an increasing population. On our earth, every species is in danger of being extinct. The primary conclusions are: With the aid of the Kyoto Protocol, three formal methods for global emission reduction were established: Joint Implementation (JI), Clean Development Mechanism (CDM), and International Emissions Trading (IET). It raises public awareness, and with the aid of certified emission reduction units, some environmental organizations developed the idea of carbon trading. The CDM offers both industrialized and developing nations a win-win scenario. Businesses in India such as Gujarat Fluoro Chemicals, Tata Steel, NTPC, ONGC, and others can obtain several facilities abroad by using CERs. Through the exchange of credits and reduction of GHG emissions, carbon trading and CER "claims" to avert the impending disaster. Therefore, it can be concluded that imposing carbon prices with refunds is an effective strategy to address the pre-existing issue.

Since reducing greenhouse gas (GHG) emissions is a worldwide public good and the location of emission reductions has no bearing on the global stock of GHG, the CDM's premise is that reductions in emissions should be made where they can be done for the least amount of money. The findings shed light on potential difficulties in navigating market mechanisms in the future and show how the Carbon Offset Management (CDM) program has provided nearly 20 years of knowledge and expertise in the area of global carbon offset governance.