India is expected to retain its position as the world’s largest seller of carbon credits to the developed world, with more than 100 emission-reducing projects underway in the country.
With growing interest in the market, India could earn as much as $6 billion over phase 1 of the Kyoto implementation through to 2012 by selling carbon credits made available through the rapidly growing use of renewables. Under the terms of Kyoto Certified Emission Reductions, or CERs, may be purchases from projects in developing countries in order to make up any shortfall.
According to a World Bank paper, some 30% of carbon dioxide equivalent sold between January, 2004 and April this year came from India. Ajay Mathur, president of trading firm Senergy Global is quoted as saying that by 2012, India will supply a quarter to a third of the 2.5 billion tonne global market.
The rest of Asia accounted for 14% and Brazil for 13% but China, too, is expected to become a major force in the carbon market in coming years.
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