New Delhi, Oct 31 (UNI) India is in a position to reap maximum benefit from the global carbon credit trade, which is poised to increase 20 times from the current five to 100 billion dollars in the next five years, a top World Bank official said today.
''Carbon trade will touch 100 billion dollars in the next five years from the present five billion dollars and India is in position to benefit from it,'' World Bank's New Delhi-based Team Leader (Environment and Water Resources Management Unit Sustainable Development Department) Charles J Cormier said while addressing a workshop on 'Indian Carbon Market' here.
India is the second largest contributor in the carbon trade with 12 per cent share after China contributing about 61 per cent.
According to estimates, the country could emerge as one of the largest beneficiaries accounting for 25 per cent of the world's total carbon trade.
The country's dominance in carbon trading is expected to be driven, not so much by the domestic industry, but more by its huge tracts of plantation land, estimated to be over 15 million hectares, much larger than Australia which aims to be a major player in emission trading by adding two million hectare plantation by 2020.
Trading carbon credits is a mechanism designed to allow firms that fail to meet emission standards set by the Kyoto Protocol, to buy credits from other firms that meet their targets.