BT announced on Tuesday that it will cut its carbon emissions intensity by 80% across the globe by 2020, setting one of the most aggressive corporate carbon reduction targets world wide. The company also - published a new model for measuring and tracking carbon emissions-backed by the Carbon Disclosure Project. This represents an important step in measuring carbon emissions in a consistent way across the globe.

The high aspirations that the Indian green energy-based companies had nurtured for generating additional resources through carbon trading have begun to fade. Their Chinese counterparts have out-smarted them by wooing away customers, largely from the European Union (EU), and forcing them to search for new buyers and even opt for lower prices. Though India, on paper, is still the second largest seller of carbon credits, its market share, reckoned in 2007 at an abysmal 6 per cent, looks insignificant when compared with the 73 per cent market share enjoyed by China.

The need for a reduction in carbon emissions was debated at the United Nations Conference on Environment & Development (The Earth Summit) in Rio de Janeiro in 1992, resulting in the adoption of United Nations Framework Convention on Climate Change (UNFCCC), an international treaty on environment. The Kyoto Protocol, 1998, was adopted by the parties to the UNFCCC with the objective of achieving quantified emission limitations through specific policies and measures to minimising the adverse effects of climate change.

India has emerged as the second largest seller of carbon credits in the global market with six per cent share in 2007, while China tops the list with a huge 73 per cent, a World Bank report said. "India and Brazil, at 6 per cent market share each, transacted the highest volumes after China in 2007," said the report State and Trends of the Carbon Market 2008.

CERs to rise 75% this year; India accounts for 43% of emission reductions issued by global body. In the backdrop of an increasing threat of global climate change, the worldwide carbon credit market is expected to grow by nearly 75 per cent in 2008. "The carbon market size, which was 40 billion Euro in 2007, is likely to grow up to 60-70 billion Euro in 2008," said Rajesh Srivastava, managing director, Rabo India Finance, speaking at an international conference on carbon credits on Friday.

April has been a great month for climate change awareness in India. On 21 April, HSBC and the Indian government

National Commodity and Derivatives Exchange (NCDEX) has recorded total volumes of Rs 174.66 crore in the first fortnight of trading in certified emission reduction (CER). The total number of CERs traded contracts was 3,396 during this period, making the exchange one of the largest in the world in CERs . The CERs contracts launched on April 10 has witnessed significant trading interest since then, exchange release said.

In four sessions, CER volumes touch 6.2 lakh, three times more than expected. Trade mechanism does not allow global firms to buy CERs directly from domestic cos. Priyanka Vyas

Like any fledgling business, the carbon credit market too has teething troubles. But that should not stop it from growing

Trade clean air for green-house gases. What do you get? Pollution? Not necessarily. Money?