With the carbon market in doldrums, emerging economies like India will have to announce bolder schemes for a low carbon future

I have reached Cancun few hours’ back to attend the 16th Conference of Parties (CoP-16) to the United Nations Framework Convention on Climate Change (UNFCCC), and have been greeted with news that can only be characterised as bad or worse.

The post-2012 emissions reduction commitments for Annex 1 countries under the Kyoto Protocol (KP) are presently going nowhere. Japan had fired the first salvo when in the opening plenary, it categorically stated its opposition to the second commitment period of KP. Now, countries like Australia, Canada, and some European nations have joined the chorus to disband KP.