Judged by the sheer number of clean development mechanism (CDM) projects registered and in the pipeline, India undoubtedly can be seen as a success story as far as the functioning of the local carbon market is concerned.
Links:
[1] http://admin.indiaenvironmentportal.org.in/feature-article/varieties-carbon-governance-taking-stock-local-carbon-market-india
[2] http://admin.indiaenvironmentportal.org.in/category/author/gudrun-benecke
[3] http://admin.indiaenvironmentportal.org.in/category/journal/journal-environment-development
[4] http://admin.indiaenvironmentportal.org.in/category/thesaurus/forests
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/climate-change
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/renewable-energy
[7] http://admin.indiaenvironmentportal.org.in/category/thesaurus/biomass
[8] http://admin.indiaenvironmentportal.org.in/category/thesaurus/clean-development-mechanism-cdm
[9] http://admin.indiaenvironmentportal.org.in/category/thesaurus/private-sector
[10] http://admin.indiaenvironmentportal.org.in/category/thesaurus/intellectual-property-rights-ipr
[11] http://admin.indiaenvironmentportal.org.in/category/thesaurus/government-india-goi
[12] http://admin.indiaenvironmentportal.org.in/category/thesaurus/ngo
[13] http://admin.indiaenvironmentportal.org.in/category/thesaurus/india
[14] http://admin.indiaenvironmentportal.org.in/category/thesaurus/carbon-market