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Carbon dioxide, the most important greenhouse gas produced by combustion of fuels, has become a cause of global panic as its concentration in the Earth's atmosphere has been rising alarmingly. This devil, however, is now turning into a product that helps people, countries, consultants, traders, corporations and even farmers earn billions of rupees. This was an unimaginable trading opportunity not more than a decade ago. Carbon credits are a part of international emission trading norms. They incentivise companies or countries that emit less carbon. The total annual emissions are capped and the market allocates a monetary value to any shortfall through trading. Businesses can exchange, buy or sell carbon credits in international markets at the prevailing market price. India and China are likely to emerge as the biggest sellers and Europe is going to be the biggest buyers of carbon credits. Last year global carbon credit trading was estimated at $5 billion, with India's contributi...

http://economictimes.indiatimes.com/Earth/Global_Warming/articlelist/2647216.cms Is The Happening just a sci-fi or our future?

1973 oil crisis Cause: an OPEC oil export embargo by many of the major Arab oil-producing states, in response to western support of Israel 1979 energy crisis Cause: the Iranian revolution 1990 spike in the price of oil - Cause: the Gulf War Kyoto Protocol Period- December 1997. Agreements-Industrialized countries to reduce their GHG emissions to 5.2% below the 1990 levels by 2012. Flexibility mechanisms adopted. Joint implementationEmissions tradingClean development mechanism British Antarctic Survey spotted a hole in the ozone layer in 1983. Vienna convention of 1985 for ozone layer protection. Montreal Protocol,1987 on ODS. Agreement-Prevention of depletion of ozone layer by phasing out consumption of ODS mainly CFCs. Freeze on CFC production to 1986 level by 1989 and 50%reduction by 1998. Contribution-By 1999,95 OD chemicals were controlledWorldwide CFC consumption reduced from 1.1m tonnes in 1986 to Historical Outline 1945 Food and agricultural Orgn. 1948 International Maritime Or...