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A look the industrialization near the city of Mumbai, India 

Emissions trading in India much like cap and trade is a system that involves countries or organizations receiving permits that are set out by the government, to emit a limited amount of emissions. These governments mandated permits can be traded to others. India exudes a massive amount of greenhouse gas (GHG) emissions every year and is the third largest polluting country in the world. India contributes 6.96% of all global emissions. This is the result of both the rapid development and the economic growth it has experienced in the last decade. These changes are unsustainable to continue and are increasing the concern for global warming. The country was industrializing so quickly due to market demands that the government did not implement any mechanisms for energy efficiency or reducing carbon emissions. The energy-intensive industries that are located in India account for over 45 per cent of commercial energy use in India, to deliver 25 per cent of national GDP. The energy demand of these industries causes India to need to use fossil fuels such as coal and oil to meet the demand.

As of 2017, India has emitted 2774 million tCO2 into the atmosphere. Moving forward, the Indian government put a Perform Achieve and Trade (PAT) system in place in hopes of reducing GHG emissions by 26 million tons and to promote energy intensity improvement. This initiative makes India the first developing country to embrace an energy efficiency trading scheme.

In 2002, India, along with 55 other countries worldwide, ratified the Kyoto Protocol which is an international treaty that is based on the commitment of the member countries to limit or reduce their GHG emissions. The protocol's main mechanisms are international emissions trading, clean development mechanisms, and joint implementation. The protocol was put into effect on February 16, 2005. Alongside the protocol, India is continuing to make improvements throughout the country to improve air quality and create incentives for industries to reduce their emission waste. India is especially focused on the major states, Tamil, Gujarat and Maharashtra, where the larger industries are located. Although all of these initiatives to creating a green economy are seen as a positive contribution to the world, they are costly projects. This causes the process to be a long and slow one, where immediate progress cannot be expected.

Harmful Effects of GHG Emissions

In the industrialized world of today, the topic of GHG emissions is a prominent one. The reason for this is because of what it is doing to the Earth. Researchers say that climate change is now irreversible due to the sheer amount of carbon dioxide emissions. The severity of the damages caused by humans is so great that even if climate change was reversed it would still take over 1000 years for the emissions to completely stop. One of the main reasons India has a hard time cutting down on emissions is the diversity of energy use is large with the least efficient plants in several sectors using two to six times more energy to manufacture a unit of the product than that used by the most efficient plant.

Many people wear anti-pollution masks when they are in cities that are prone to smog

Even if emissions were stopped, it cannot stop the repercussions of GHG emissions that are already occurring. From global warming alone, the ocean temperatures have increased, killing thousands of species who could no longer survive in their once thriving ecosystems. On top of warming the ocean, emissions are also the cause of ocean acidification, where the ocean's pH levels are decreasing because of the amount of carbon dioxide emissions in the atmosphere. it is estimated that a quarter of the gas emissions are absorbed by the ocean. The rest of the emissions ends up in the ozone layer, which is a part of the stratosphere that shields the Earth from the Sun's ultraviolet (UV) radiation. The ozone layer is depleting because of the increasing amount of emissions. This effects the ocean's water levels, plant growth and the overall health of all the species that inhabit the Earth.

Total greenhouse gas emissions have increased by about 80% since 1970. These emissions get trapped by the carbon dioxide and greenhouse gas emissions within the Earth's atmosphere and increases the surface temperature. This has increased the temperature by 0.75°C (1.4°F) over the last 100 years. This causes desertification, increased amounts of melting snow and ice, rise of ocean levels, and more extreme and strong natural disasters such as hurricanes and floods.

Another side effect of the increase of GHG emissions is the smog that pollutes many of the larger cities across the globe. Ozone concentrations have become 2 times larger due mainly to increases in methane and nitrogen oxides caused by human emissions.

Attempts to Ratify Mistakes

The predicted carbon dioxide produced by China, the United States and India if they continue producing emissions at their current rates

Emissions exuding is an issue that affects billions of people because it is such a major contributor to global climate change. Climate change is a growing issue that shows no signs of slowing down, every year there is less and less rain in the Oceanian, Indian and Asian continents and more rain in the South American and African continents. China, the United States and India are the three largest GHG emission producers in the world. India is in a difficult position regarding the pollution that it emits because it needs efficient yet, effective methods to curb pollution. One of these methods is to create incentives for industries to reduce emission waste. This is difficult though because India is trying to lift millions out of poverty and connect nearly half a billion people to electricity grids. But it is also trying to curb emissions growth in a unique way, fearing the impacts of climate change and spiraling energy costs.

Kyoto Protocol

India ratified the Kyoto Protocol in 2002 along with around 30 other countries. The Protocol is an agreement created in Kyoto, Japan on December 11, 1997. It is an international arrangement that is linked to the United Nations Framework Convention on Climate Change (UNFCCC). The Protocol recognizes that the developing countries over the past 150 years are responsible for the high levels of GHG emissions that are currently trapped in the Earth's atmosphere. The agreement was put into force on February 16, 2005 in an attempt to stabilize and even reduce the GHG emissions and to slow down climate change. Thirty-seven industrialized countries and the European Community committed to reduce GHG emissions to an average of five percent against 1990 levels during the first commitment period. During the second commitment period, the countries agreed to commit to reducing GHG emissions by eighteen percent instead of five percent between 2013 and 2020.

Kyoto Mechanisms

In order to meet its goals, the Kyoto Protocol established three mechanisms to ensure they meet their targets in the cost-effective way possible.

1. International Emissions Trading
2. Clean Development Mechanism (CDM)
3. Joint Implementation (JI)

Monitoring Progress

Records need to be kept to track each countries individual progress in reducing their emissions. The Protocol implemented a registry system that is based in Bonn, Germany that keeps an international travel log to verify transactions are consistent with the rules of the Protocol. The Protocol also offers support and assistance for countries who need help with developing and implementing new technologies to meet their emission reduction goals.

Perform Achieve and Trade (PAT) System

In 2008, India's National Action Plan on Climate Change created the PAT a trading scheme as a means to improve the efficiency of its energy-intensive industries. by doing this, India became the first developing country to adopt an energy efficiency trading scheme that uses market based mechanisms. The industrial sector of India produced 60 per cent of the country's GHG emissions in 2007. The percentage has only increased since then. The PAT scheme aims to reduce energy consumption by 6.6 million tons of oil equivalent across 478 facilities, with each plant averaging a reduction in energy use of 4.8 per cent. This will set India's national target for reducing carbon emissions by 20-25 per cent by 2020 on the right track. This system is similar to cap-and-trade but instead of placing a cap on emissions, it instead sets targets that are based on energy intensity improvements at the lowest cost.

Emissions Trading System (ETS)

India's Ministry of Environment and Forests (MOEF) piloted the ETS program on February 1, 2011 in Gujarat, Tamil Nadu and Maharashtra. The system will cover 1,000 facilities who are high emitters. All states received government mandates to implement the programs. This system focuses on the reduction of certain particles that are harmful to human health. The main purpose of the program is to improve overall air quality and to create incentives for the industries that reside in India to meet the international goals for GHG emissions.

Renewable Energy Credit (or) Certificate (REC) trading system

Launched in November 2010, its main purpose is to promote renewable energy all across India. This system is even meant for regions of the country that have low potential for creating renewable energy sources. The REC system is regulated by the Indian Ministry of Power. By doing so, it sets targets for power companies to purchase a certain percentage of their total power from renewable sources. Facilities have the ability to trade RECs within a state or across states. Some of the renewable energy sources the Indian government is hoping gets implemented are: solar, wind, small-scale hydro (capacity below 25 MW), biomass-based power, biofuels, and municipal waste based power.

Paris Climate Agreement

India was the 62nd country to ratify the Paris Climate Agreement in 2016, making it the first global climate agreement. In doing so, India has committed to ensuring that at least 40 per cent of its electricity will be generated from non-fossil sources by 2030. In December of 2015, countries across the globe met in Paris and agreed to keep the global average rise in temperatures below 2°C. Another feature of the agreement is that it wants the countries to collectively spend $100 billion in climate finance for developing countries by 2020. Any country that ratifies the agreement has to be committed to it for a minimum of three years.

Emissions Trading

Emissions trading, much like the cap-and-trade system, is a market-based scheme for environmental improvement that allows parties to buy and sell permits for emissions or credits for reductions in emissions of certain pollutants. It also establishes goals for emission reduction. The Environment Protection Authority (EPA) decides on the amount of emissions that industries and countries are allowed to produce. From there they divide this amount into tradable units (usually referred to as credits or permits). Emissions trading works to reduce emissions because a country needs to have enough permits to account for their total emissions and if they do not, then they must work to reduce and/or regulate them. Developed countries have two responsibilities: first, to reduce their own emissions and secondly to facilitate the migration efforts of developing nations by providing financial and technical assistance. Credits and permits can also help the economy. When a country has reached its carbon emissions target, it can then sell its permits to a country who is unable to meet its target and is going over its limit. This creates an incentive to meet the emissions targets set out nationally and by the EPA.

Emissions trading might end up being counter-productive for India since it has a rapidly developing economy with large incremental rise, its emissions might rise above the cap for which it would have to face severe consequences. India is seen as a leader among the developing economies and has already started better regulating its pollution. In recent years, India has been focused on its own initiatives and other agreements it has ratified that it has fallen behind on its emissions trading work.

Load-Based Licensing (LBL)

Load-based licensing provides wider use of emission trading schemes mostly for developing countries. It allows countries who are developing to emit more emissions than they have permits for so that they can reach a developed state. The idea behind LBLs is that one a country is developed, it can then proceed to take emission reducing initiatives and find more renewable energy sources. The reason it works is because numerous calculations are made and annual reporting procedures ensure that the countries will reduce their emissions once they reach their desired level of development. It is also under conditions of high public accountability and is watched carefully.

Energy Efficient Future

Indian industries have seen the greatest energy efficiency improvements since the late 1980s than any other sector of the economy. As of 2016, India's government still had plans to replace energy-intensive appliances with more efficient ones to save an estimated $8.9 billion a year. On top of the Ministry of Power is stressing to the Indian population to use LED lightbulbs instead of incandescent ones, as well as implementing more energy efficient cooling systems. Unlike air conditioning or electric fans which are not energy efficient. The Prime Minister, Narendra Modi, has plans to fulfill his promise of providing twenty four hour a day, seven days a week electricity to every home in India by 2019. He plans to keep motivating his people to live in more energy efficient ways so that when everyone receives electricity, it will not ruin the progress India has made for a greener future.

aims to reduce energy consumption by 6.6 million tons of oil equivalent across 478 facilities, with each plant averaging a reduction in energy use of 4.8%