India Climate Exchange launched
New Delhi, June 15 (UNI) Earning by cutting down on emission of greenhouse gases, which are reponsible for global warming, will now be easy for Indian entrepreneurs and farmers with a climate exchange having been set up on the pattern of Chicago Climate Exchange.
Chicago Climate Exchange(CCX), which is a sort of private Kyoto Protocal, is the world's first legally binding greenhouse gas emission registry, reduction and trading system having its members both major and small public and private ectiro entities.
The birth of the Indian version of the Chicago facility is the outcome of the recently concluded Convention on Corporate Response to Climate Change held in Palampur, a spokesperson of the World Environment Foundation(WEF), which organised the Convention, said here.
The India Climate Exchange aims to establish a mechanism that will provide objective, transparent and effective linkage between the buyers and sellers of Certified Emission Reductions (CERs), thereby ensuring an optimised price for them and a win-win situation for both the buyers and sellers, he said.
According to Dr Madhav Mehra, World Environment Foundation President, the India Climate Exchange would fill a gap between buyers and sellers and promote carbon trading under market mechanism in the country.
India Climate Exchange was already having discussions with Chicago Climate Exchange and other European Exchanges to remove asymmetry in information, secure proper pricing and develop collaborative frameworks to expand the carbon trading market.
It would create a buyers hub in London, which is traditionally termed as the financial capital of the world and has significantly large financial transactions through international financial agencies and commercial banks which are major stakeholders in providing initial investments and sharing the risk and benefits as financiers and equity partners.
It also aims to promote capacity building, to internalise risks due to climate change and turning the climate change into business opportunities.
It would negotiate international transfer of technology for mitigation of greenhouse gas emissions, and advise governments, industry and other stakeholders on emerging trends in greenhouse gas emissions in different industries and the need to create mid-course corrections.