Effectiveness of CDM in Mitigating Carbon Footprints : A Brief Analysis on this Market Based Emission Mitigation Strategy with Special Reference to India

The Kyoto Protocol has created a new market for a variety of products and services including trading of emission. India is a major player in the global CDM market. The proponents of KP have claimed that Kyoto Protocol ‘was never intended to address global emissions, as it focuses on achieving emission reductions in the industrialized countries as a first step’. This paper tried to analyze the effectiveness of this market based emission mitigation strategy with special reference to India. As climate change has emerged as a major political economic and strategic issue, it has suggested putting more focus on ‘climate justice and development’ rather than ‘climate change and development’