Global Climate Change, Emissions Trading and Sustainable Energy Development

Abstract

Global warming and Greenhouse effects are a direct consequence of climate change, triggered mainly by emissions of Greenhouse Gases (GHGs). Various National and International Agencies are actively involved through carefully drawn programme initiatives to progressively reduce GHG emissions. Clean Development Mechanism (CDM), Emissions Trading, and emerging Carbon Market aiming at Carbon Neutrality in phases are some among the major initiatives at both country and regional levels that are seemingly retarding initial momentum to comply with Kyoto Protocol commitments in recent time. IFCCC, International Financial Institutions (e.g. The World Bank, ADB etc.) have played a pivotal role to proactively help reduce emissions at Sectoral, Project level, Country and Regional level. National and International policy support towards sustainable energy development in a Mission mode is suggested in this paper as a pragmatic approach to bring in reversal of the climate change processes while ensuring energy security in one hand, health and environmental safety on the other through progressive reduction of emissions-primarily through international cooperation. Post-Kyoto and Post-Copenhagen perspectives and much needed global initiatives on Sustainable Energy Development is also highlighted in the paper.