Carbon Credits: Navigating Challenges in Achieving Sustainable Development
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Abstract
Carbon credit is a permit that sanctions a country or organization to produce a certain amount of carbon emissions and incentivizes them to emit less. India's Multi Commodity Exchange has become the first exchange in Asia to trade carbon credits, with India and China expected to be the biggest sellers and Europe as the biggest buyers. Carbon credits are now turning into a product that helps people, countries, consultants, traders, corporations, and farmers earn billions of rupees. The Kyoto Protocol has created a mechanism to achieve carbon reduction goals, which can be broadly classified into taxes and credits. This study explores the complex connection between the goal of sustainable development and carbon credits. Although carbon credits are meant to be a tool to slow down global warming, opinions on how they will affect sustainable development objectives are divided. The goal of this study is to negotiate the difficulties posed by carbon credits while promoting sustainable growth.
Objective of the study
- To scrutinize the role of carbon credits in addressing climate change and their implications for sustainable development.
- to determine and evaluate the obstacles and constraints preventing carbon credits from being easily incorporated into plans for sustainable development.
- to evaluate how well the current carbon credit systems, support sustainability on the levels of the environment, society, and economy.
- to investigate possible innovations and improvements for the carbon credit system that might better match the goals of the larger sustainable development agenda.
Research Questions
- How well have the current carbon credit systems worked to promote social justice, environmental preservation, and economic growth?
- What novel techniques and enhancements may be suggested to maximize the incorporation of carbon credits into plans for sustainable development?
This study intends to contribute to informed decision-making and policy development in this important area by offering insightful information on the complex relationship between carbon credits and sustainable development through a multifaceted investigation of these topics.