Edition-4
One other way to ensure India is not too drunk on oil & coal is to promote clean power. Wind & solar, for instance. Apart from tax sops & incentives for generation, the government plans what are called renewable-energy certificates. Under this, renewable energy target for utilities & big power consumers will be set. Each megawatt-hour will stand for one renewable energy certificate. Again, those exceeding targets can sell to the laggards. This too is a market mechanism.
The developed world has offered emission reductions in varying proportions, from the more ambitious EU & Japan to the politically practical & modest US. India & China & similar developing countries would not announce absolute emissions. They have settled for carbon intensity reductions, or emissions per unit of economic output. In a growing economy, this would not lead to a cut in absolute emissions.
Meanwhile, the developed world, already more aware in environmental matters, is mulling things like green procurement. This will enable it to reject products made in an ecologically unsustainable manner. It is also pouring money into clean-tech research. The current emission-reduction pledges off all countries, however, are not seen by scientists to be good enough to stop a dangerous increase in temperatures. The arguments continue.
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