CARBON CREDIT

Submitted By

ABHISHEK SINGHAL-P35111

ROSHAN SINGH-P35176

KANAK-P35139

KAUSHIK GHOSH-P35141

SAROJ KUMAR BEHERA-P35179

SUKRITI MEHTA-P35192

Under the Guidance of

Ms. Asmita H.vyas

PROGRAMME IN RURAL MANAGEMENT- 35

INSTITUTE OF RURAL MANAGEMENT, ANAND

Table of Contents1. INTRODUCTION.................................................................................................................................1

1.1 KYOTO PROTOCOL.......................................................................................................................1

1.2 CARBON CREDITS.........................................................................................................................2

1.3 KYOTO MECHANISM....................................................................................................................2

1.4 COMPLIANCE vs VOLUNTARY MARKETS......................................................................................3

1.5 STANDARDS.................................................................................................................................3

1.5 EMISSION TRADING.....................................................................................................................5

1.5.1 BUYERS.................................................................................................................................6

1.5.2 SELLERS.................................................................................................................................6

2. CARBON CREDIT ACCOUNTING……………………………………………………………………………………………………..8

2.1 Accounting for Carbon-India and International...........................................................................8

2.1.1 Global Scenario.....................................................................................................................8

2.1.2 India………………………………………………………………………………………………………………………………….8

2.2 VALUATION OF CERS..................................................................................................................10

2.2.1 COST OF CERs:.....................................................................................................................10

2.2.2 NET REALIZABLE VALUE OF CERs:.......................................................................................11

2.3 CLASSIFICATION TABLE FOR CARBON CREDITS IN INDIA:..........................................................12

3. CASE STUDY.....................................................................................................................................14

3.1 GREENPLY INDUSTRIES LTD.......................................................................................................14

3.2 HOW IT EARNED CARBON CREDITS............................................................................................14

3.3 HOW MUCH IT EARNED.............................................................................................................15

3.4 KEY FACTS:.................................................................................................................................15

3.5 CONCLUSION.............................................................................................................................15

4. PRESENT SCENARIO AND VIABILITY OF CARBON CREDIT BUSINESS................................................16

5. FUTURE OF CARBON CREDIT AS A BUSINESS...................................................................................18

6. BIBLIOGRAPHY.................................................................................................................................19

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1. INTRODUCTION

With the progress of mankind there has been an increasing adverse effect on the global environment. This has caused immense global warming. It may be caused due to climate change, rapid industrial growth, increase in energy consumption, increase in carbon dioxide and other green house gas emission. Climate Change, in a broad sense refers to long term changes in climate, including average temperature and precipitation. Global warming is seriously affecting plants, animals, humans and the Earth. Thus, we have been forced to look a long way ahead.

1.1 KYOTO PROTOCOL

To address the issue of Global Warming and limit the concentration of green house gases in the atmosphere, the United Nations Framework Convention on Climate Change (UNFCCC) was adopted in 199.The Kyoto Protocol came into force in February 2005, which sets limits to the maximum amount of emission of GHGs by the countries.

189 countries have agreed to reduce green house gas emissions globally under the mechanism created by Kyoto Protocol. Countries have been divided into two main groups by UNFCC. Annex-I constitutes of a total of 41 industrialized countries who have committed to reduce their GHG emissions by at least 5% below their 1990 baseline emission by the period of 2008-2012. Annex-II of the convention includes 24 countries, which were mostly members of the organization for Economic Co-operation and Development (OECD) in 1992. Mostly the developing countries, are known as non Annex-I countries and they are currently numbered at 124. Even though these countries generate GHG emissions, at present these countries are not bound by the amount of GHG emissions that they can release in the atmosphere. United States of America, which releases more GHGs than any other nation and accounts for more than 25% of those generated by human beings worldwide, is a non Annex-I country

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1.2 CARBON CREDITS

Carbon Credit is a permit that allows the holder of the Carbon Credit to emit one ton of carbon dioxide. Credits are awarded to countries or groups that have been able to reduce their green house gases below the emission quota. Carbon credits, just like other commodities can be traded in the international market at their current market price.

Carbon Credits have been labeled as a way to make peace with the environment by man- made climate change advocates. Greenhouse gas emissions may be reduced and some countries might reap economic benefit. Skeptics believe they are potentially fraudulent as some countries might exploit the trading system. Carbon trading might have its own share of merits and demerits, debates over this type of market is unavoidable as it involves finding a middle ground between profit, equality and ecological concerns

1.3 KYOTO MECHANISM

Carbon Credits are a “flexibility mechanism”. Kyoto is a ‘cap and trade’ system that establish national caps or limits on the emissions of greenhouse gases by Annex I countries. There are 2 kinds of carbon credits that can be discussed in this regard:

Joint Implementation (JI): Emitters in developed countries are allowed to purchase carbon credits via "project-based" transactions (greenhouse gas-reduction projects) which are being implemented in either another developed country or a country with an economy in transition. Carbon Credits from these JI projects are called as Emission Reduction Units (ERUs).

The Clean Development Mechanism (CDM): Credits are procured by financing carbon reduction projects in developing countries. Carbon offsets originating from

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registered and approved CDM projects are called Certified Emission Reductions (CERs).

1.4 COMPLIANCE vs VOLUNTARY MARKETS

The Compliance Market consists of a large number of legally-binding and mandatory emission-trading schemes under the Kyoto Protocol which are linked to the United Nations Framework on Climate Change (UNFCCC). Regional compliance markets in the USA and Australia are also included in it.

The Voluntary Carbon Offset Market enables companies and individuals to purchase carbon credits on a voluntary basis to satisfy personal or Corporate Social Responsibility objectives. It functions outside of the other compliance market.

1.5 STANDARDS

There are a number of different certificate types for carbon credits generated, certified by different certifying bodies with different "standards". However, they fall into three broad categories:

1. Kyoto Protocol compliant standards2. Voluntary standards3. Premium standards

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Kyoto Protocol Compliant Standards

Kyoto is a ‘cap and trade’ system that fixes an upper limit on the Annex 1 countries – mostly developed for carbon emissions. There are 2 kinds of carbon credits that can be created to this end: Joint Implementation and The Clean Development Mechanism.

Voluntary Standards

Voluntary carbon credit standards refer to the emerging market for carbon credits outside the Kyoto Protocol compliance regime. The following are the main standards used in Australia. There are other standards from around the world, and Australia is now bringing it's own standards into line with those in Europe, UK and USA.

Voluntary Carbon Standard (VCS)

The VCS Program provides a robust, global standard for approval of credible voluntary offsets. VCS offsets must be real (have happened), additional (beyond business-as-usual activities), measurable, permanent (not temporarily displace emissions), independently verified and unique (not used more than once to offset emissions).

NSW Greenhouse Gas Reduction Scheme (GGAS)

The NSW Greenhouse Gas Reduction Scheme (GGAS) commenced on 1 January 2003. These were some of the first third party certified carbon credits available in the world. NSW Forests produced NGACs that were the first third party certified forestry carbon credits traded globally.

Renewable Energy Certificates (REC)

Renewable Energy Certificates (RECs), also known as Green tags, Renewable Energy Credits, Renewable Electricity Certificates, or Tradable Renewable Certificates (TRCs), represent proof that 1 megawatt-hour (MWh) of electricity was generated from an eligible renewable energy resource.

There are many different types of REC standards around the world. In Australia, there are several ways of producing RECs, including GreenPower®.

Note: RECs are different from carbon credits which certify that 1 tonne of CO2e has been saved or removed.

Premium Standards

Above and beyond both the Kyoto and Voluntary standards are a number of "Premium" standards. Projects with these premium standards are generally first certified either under the VCS or as CDM CERs or JI ERUs.

Gold Standard (GS)

The Gold Standard is a non- profit foundation under Swiss law and is funded by public and private donations. It is working in the Clean Development (CDM), Joint Implementation (JI) and voluntary markets to provide high quality premium carbon credits.

The GS is based upon a rigorous assessment framework that makes an assessment of the project type and its sustainable development. Projects must be 'additional' meaning that the

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people behind a project need to demonstrate that the project would not have occurred without the combined incentives that carbon credits provide. Due to financial, political or other barriers, the project must prove it goes beyond a "business as usual" scenario and that greenhouse gas emissions are lower with the project rather than without the project.

1.5 EMISSION TRADING

Emissions trading (ET) is a system that enables producers, countries, companies, investors etc. to buy and sell carbon emissions allowances among themselves. Presently, project participants, public utilities, manufacturing entities, brokers, banks, and others actively participate in Emissions Trading

Carbon credits are actively traded in exchanges like any other commodity. This is known as the "carbon market."

Trading exchanges have been setup worldwide to help discover a market price and maintain liquidity. Carbon prices are usually quoted in Euros per tonne of carbon dioxide or its equivalent (CO2e). Other greenhouse gases can be traded as well, but they are quoted as standard multiples of carbon dioxide with respect to their global warming potential. These features help reduce the quota's financial affect on business, while ensuring that the quotas are met at a national and global level. Presently, there are six exchanges trading in UNFCCC related carbon credits: The Chicago Climate Exchange (until 2010), European Climate Exchange, NASDAQ OMX Commodities Europe, PowerNext, Commodity Exchange Bratislava and The European Energy Exchange.

As a policy instrument, emission trading is preferable to taxes, inflexible command-and-control regulation, and taxpayer-funded support programs because:

It is the most economically effective means of reaching a given emissions reduction target or cap.

It is specially designed to deliver the environmental objective It signals a clear price against which to measure abatement investment.

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1.5.1 BUYERS

Carbon buyers are mostly companies falling short of their carbon emission cap. But, public utilities, manufacturing entities, brokers, banks, and others can also buy credits for investment purposes. Carbon, like any other commodities, has started trading on Commodity Exchanges.

It means that if the buyer thinks that the current price is low for him, he can wait for the prices to increase and then sell his credits. So, mostly investors buy now to sell later. There is a big requirement of carbon credits in Europe.

These carbon credits are majorly with the large manufacturing companies who adopt UNFCCC norms. Retail or small investors can come in the market and buy the contract/certificate if they think the market of carbon is going to strengthen up. Like any other asset they can buy these too. The credit/asset is kept in the form of an electronic certificate.

1.5.2 SELLERSA carbon credit certifies or permits emission of one tonne of carbon dioxide (CO2) and these credits can be traded for money. To be able to sell carbon credits, the seller has to get a certificate for the carbon credits from one of the governing bodies, which is required to declare/authenticate the credits being sold. There are a number of different certificate types, provided by different certifying bodies with different standards. However, they fall into three broad categories:

1. Kyoto Protocol compliant standards2. Voluntary standards3. Premium standards

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The major seller countries are as follows:

A typical Carbon Exchange Website with Prices

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2. CARBON CREDIT ACCOUNTING

As CER trading is being done in India, and many countries in Annexure-I of Kyoto Protocol have an carbon emission cap so they are buying CER from developing nations like India, China etc. Therefore CER has become a concern of accounting in the trade accounts and there is a need of some accounting standard for CER. Different countries follow different accounting standard. International Accounting Standards Board (IASB) creates accounting standard for global scenario. In India the accounting guideline are given by ICAI and it is in the process of making a standard framework for accounting practice for CER.

2.1 Accounting for Carbon-India and International

2.1.1 Global Scenario

At present, there is no clear accounting standard within International Financial Reporting Standards (IFRS) for transactions involving carbon credits and CERs. The International Accounting Standards Board (IASB) issued IFRIC-3 on ‘Emissions Rights’ but it was withdrawn in 2005. Based on other IFRSs issued at that time, IFRIC-3 said that:

Rights (allowances) are Intangible Assets (IAS 38). When allowances are issued by governments for less than their fair value, the

difference between fair value and the amount paid (if any) is to be considered a government grant.

Provisions for emissions-related liabilities should be recorded (IAS 37 Provisions, contingent liabilities and contingent assets).

Present accounting practices of Germany as an example is given below:

GermanyThe German Ministry of Finance issued guidelines for dealing with the tax treatment of emissions allowances. Allowances are treated as intangible assets and must be reported in the (tax) balance sheets as current assets. Allowances granted free of charge by the authorities have a balance sheet value of nil. Costs associated with the acquisition of the (free of charge) allowances, such as application costs, are business expenses and are deductible in the year in which the notice of the allotment of allowances has been issued by the authority. From a tax point the granting allowances by the authorities is not subject to tax. The transfer of allowances is considered as a supply of “other services” and is subject to tax.

2.1.2 India With a larger number of players from India generating carbon credits and this being a relatively new area, a need was required to provide accounting standards in this area. However, since Clean Development Mechanism (CDM) is the relevant mechanism in India to be followed and India not being under the compulsion to reduce its GHG emissions as per the Kyoto Protocol, a draft guidance note has been prepared and circulated to guide on account preparations for carbon credits i.e., CERs generated under the CDM. This guidance note provides clarity on matters of applying accounting principles related to recognition, entry, measurement and disclosures of CERs generated by the entity obtained under CDM.

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CER gives rise to many questions when considered in trade accounts?

First Question that rises while creating A/C is, Is Carbon Credit an Asset?

The question that arises while dealing with accounting for CERs is if it is really an asset. The ICAI defines asset as :

“a resource controlled by the enterprise as a result of past events from which future economic benefits are expected to flow to the enterprise.”

As a CER is generated when the enterprise is involved in a CDM project. This CDM project can be considered as a past event, as CER is not generated in the inception of project, it takes time. So CER will not become a resource to the enterprise immediately after it engages in a CDM project. There is a long and systematic procedure needs to be followed before any CER can be generated. First an approval from the National CDM Authority and latter it must be verified by a Designated Operational Entity (DOE) an independent auditor appointed by CDM executive board to check if the projects implemented are abiding by the planned greenhouse gas emission reduction. Only after these procedures, UNFCCC grants CERs to the enterprise. If something goes wrong at any point of time, the project might not be in a position to generate any CERs. So there is a high degree of uncertainty involved in the generation of CERs. Therefore CERs can, at best, be considered as contingent assets as per Accounting Standard, Provisions, Contingent Liabilities and Contingent Assets, which defines a contingent asset as

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“a possible asset that arises from past events the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise”.

A contingent asset is not shown in financial account except in footnote.But when the enterprise gets conformation from the UNFCCC that CERs have been issued to the enterprise. After this certification a CER now has all the features of an Asset as set out by the Framework.

As Enterprise gets CER certification from UNFCCC it has created an ASSET, Now raises the question Which type of asset is it?

Now as the CER is generated as an asset we have to check the nature of this asset.As CER are intangible in nature because of its non-physical form but according to definition of intangible asset given below

“An intangible asset is an identifiable non-monetary asset, without physical substance, held for use in the production or supply of goods or services, for rental to others, or for administrative purposes.”

As there is no emission cap for Indian companies so CER generated by them are not used in production or any other activities mentioned above. But they are generated and held by enterprises for sale.So CERs as mentioned intangible asset above are out of scope of treated as intangible asset.So they are dealt with another accounting standard that is Intangible asset held for sell are out of purview of intangible asset and treated as Inventories. And inventories are defined as

Inventories are asset:i) Held for sale in the ordinary course of actionii) In the process of production for such saleiii) In the form of materials and supply to be consumed in production process or in the

rendering of service.

So being an Intangible Asset CERs are treated in accounts as Inventories (as per AS2 )

2.2 VALUATION OF CERSAs CERs are treated as inventories so the valuation principles for inventories are followed with them. As per the standard inventories should be valued Cost or Net Realizable Value (NRV) whichever is lesser. Now this raises two situations: i) Cost of CERsii) NRV of CERs 

2.2.1 COST OF CERs:According to Accounting Standard, all expenses incurred while bringing the inventories to the current location and condition have to be included in the cost of inventories. Any enterprise generating CERs incurs many expenses. But we should be cautious while including any expense, because only those expenses which are directly attributable to the generation of

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CERs should be taken. An illustrative list of expenses incurred by a CDM project is as follows:

1. Research costs arising from exploring alternative ways to reduce emissions;2. Expenses incurred to develop a selected alternative to reduce emissions;3. Expenses incurred in preparing project report or Project Design Documents;4. Fees paid to DOEs for validation and verification;5. Fees paid to the National CDM Authority for approval;6. Fees  for registering with the UNFCCC;7. Expenses incurred for monitoring the reductions of emissions;8. Expenses incurred for certification of CERs;9. Operating Expenses incurred to run the CDM project etc..

As mentioned above CERs do not come into existence until UNFCCC recognized it and provide certification for it. So any cost incurred before the CERs coming into existence are not inventoried but they are treated as intangible asset. Thus only the expense incurred for certification and operating are shown in inventory.

2.2.2 NET REALIZABLE VALUE OF CERs:According to accounting standard Net Realizable Value is as follows:

“Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.”

Since the CERs are readily traded in stock and commodity exchanges, it is very easy to compute the estimated selling price of CERs. The selling price obtained from the exchanges minus any commission that may have to be paid to perform the sale of CERs will be considered as the NRV of CERs.The cost of the CERs as previously arrived should be compared with the NRV as determined above. The lower value of the two should be recognized as the value of CERs in the books of accounts of the entity that engages in a CDM project.

Finally we can tabularize the guidelines issued by The Institute of Chartered Accountants of India (ICAI) with respect to Accounting for Self-generated CERs on 17/02/2012 as follows:

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2.3 CLASSIFICATION TABLE FOR CARBON CREDITS IN INDIA:

Sr No

What can carbon Credit be?

AS Applicable

Reasons for classification

Advantages of this classification

Disadvantages of this classification

1 An Intangible Asset

AS-26 Carbon Credits are identifiable non- Monetary Asset without physical substance held for use in the production or supplying of goods or services for rentals to others for administrative purposes

1.  Tax benefits for the company classifying this as an Intangible Asset.

1. Maintenance of Separate Asset Register for this Asset.

2. Benefit of Amortization can also be availed on this asset.

2. Capital gains on the sale of this Asset.

  3. If the transactions are too many the Amortization calculation gets tough.

  4. Very Volatile Asset, therefore Asset valuation shall be affected.

2 A Contingent Asset

AS-29 CER or the Carbon Credits are an asset in which the possibility of an economic benefit depends solely upon future events that can’t be controlled by the company. Due to the uncertainty of the future events, these assets are not placed on the balance sheet. However, they can be found in the company’s financial statement notes.

1.  Tax benefits for the company classifying this as an Contingent Asset.

1. Stakeholders in a dilemma, regarding the date of realization of this asset.

2. Benefit of Amortization can also be availed on this asset.

2. Financial Reporting will complicate, since this would require an audit for quantification of this Contingency.

  3. Since the companies can trade on this as a derivative or even sell and purchase it frequently, there for the value of contingency would keep on changing.

3 An Inventory

AS-2 Carbon Credits are purchased and sold as an item of inventory. Besides they even posses the qualities of ”

1. Easy Computation.

1. Valuation Issues i.e Cost or net realizable value, w.e is lower.

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Goods” i.e they can be bought and sold in the market and

2. Governments have an edge since the sale of the inventory attracts the Corporate tax

2. Separate employment to asses the Inflow and outflow of the credits.3. Foreign Currency exchange rate would make the accounting more complicated.

4 Other Income

AS-9 Income from Carbon Credits can also be recorded as another income. This is usually done when the treatment of these credits is not certain.

1. Easy Computation.

1. It is an important and material item, but shall be looked upon by the investor as just another income.

2. Governments have an edge since the sale of the inventory attracts the Corporate tax

2. Will attract Corporate Tax

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3. CASE STUDY

3.1 GREENPLY INDUSTRIES LTD.

Greenply Industries Limited (GIL) is India’s largest interior infrastructure company with aturnover of Rs 1420 Crores. It was the first in the Indian industry and the only laminate manufacturer to get carbon credits under UNFCCC in 2009.

3.2 HOW IT EARNED CARBON CREDITS

The Company primarily used bio-mass as fuel for its boilers. The Company used efficient boilers where 100 per cent combustion of biomass takes place. Carbon particles released were arrested through the bag filter. It was the first in its industry to earn carbon credits. It proposed to use electrostatic precipitator in its MDF plant to minimize emissions.The Company earned carbon credits of Rs 12.65 million for containing pollution.

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3.3 HOW MUCH IT EARNED

From the extracts of the P/L A/C for the year ended 31.3.2009, followinginformation was found:

The following shows Schedule O which forms an integral part of the Profit and Loss Account:-

3.4 KEY FACTS:

The Company earned Rs 126.53 Lacs by the sale of Carbon Credits. The Company was eligible for 17,475 CER's for their Behror unit. The share price of Greenply Industries jumped by 6.2 % to Rs 102.05 after the

Company said it had signed a deal to sell Carbon Credits worth $5 million. The deal would add 5 lakh Euros annually to its revenues between FY 2007-2012. The Company also submitted an application to UNFCCC for Carbon Credits in

respect of its MDF unit at Uttrakhand.

3.5 CONCLUSION

Thus we can see that Income by way of sale of Carbon Credit was beneficial to Greenply Industries and the Income was credited to the Profit and Loss Account.

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4. PRESENT SCENARIO AND VIABILITY OF CARBON CREDIT BUSINESS

India is the third category of signatories to UNFCCC(United Nations Framework Convention on Climate Change). In August, 2002 the protocol was signed and ratified by India and has emerged as one of the world leaders in reduction of greenhouse gases by taking up Clean Development Mechanisms (CDMs) in the past few years. India is quite ahead in establishing a developed system in operationalizing CDM, through the Designated National Authority (DNA). (Enviornmental Information system center )

India is one of the strong suppliers of Carbon Credits and has scope to improve further. (Indiaand Carbon Credits)

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Clean Development Mechanisms (CDMs) Projects (source: cdmpipleline.org)

Certified Emission Reductions (source: cdmpipleline.org)

India has generated nearly 30 Million carbon credits and 140 million in run, which is the second highest generated volume in the world. India was the second largest among the ten developing nations that ratified the protocol, with 2225 projects (as of Aug 2014) registered with the CDM, behind China, with 3,969 projects spread across various sectors chiefly in energy efficiency ,renewable energy and biomass energy projects.

Carbon, like many commodities, is being traded on India's Multi Commodity Exchange (MCE). It is first exchange in Asia to trade carbon credits. (Carbon credits in india).

For example, Delhi Metro Rail Corporation (DMRC) is the first rail project in the world which is earning carbon credits by using regenerative brake system in its rolling stock that saves 30 percent electricity consumption.

DMRC supposedly can claim 400,000 Certified Emission Reductions (CERs) for a 10-year credit period commencing from December 2007, the year of project registration. Estimated calculation of its worth is Rs 1.2 crore per year for 10 years. (Carbon Credit: India)

However, there has been a continuous fall in the price of a carbon credit for the for past two years —from €24 to a meager 84 cents at present.( January, 2014)

Reduction in demand and falling prices of CERs have resulted in a surplus in developing nations like India, also significantly resulting in reduction of the number of projects going for for CDM registration.

With prices crashing, companies are left with large amount of carbon credits in hope of a price rise. For example, Tata Power has set up renewable energy projects making up for 20-25 per cent of its total power production through a mix of hydro, solar, wind, geothermal and waste gas generation. 4 of the renewable projects are registered under CDM. The company generated 2.6 million CERs, out of which only 200,000 were sold; 1.4 million are sold but yet to be paid for and the left have not been sold due to low prices.

Of many reasons which have been cited, it is agreed that the reduction in CDM projects, CER prices and demand are connected to the European economic slowdown, particularly since the US decided not be the part of the international carbon trade from the very beginning. The low prices reduce the future investment in future emission reduction projects, also bringing down the viability of carbon markets. (The Carbon Cycle)

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5. FUTURE OF CARBON CREDIT AS BUSINESS

Carbon credits have shaped a market for reduction in GHG emissions by giving a economic value to the cost of contaminating the air. Emissions are the internal cost of business and are noticeable on the balance sheet along with raw materials, liabilities or assets. The amplified demand of carbon credits and the introduction of new financial system for emission trading are signs of keen activity. India falls under the category of developing countries therefore, has no defined emission targets that need to be adhered. There is a huge opportunity in sectors like cement, steel, power, textile and fertilizer that are typically fossil-intensive to work with areas like windmill, bio-gas or co-generation for generating carbon credits that can be sold to developed nations.

However, there are few uncertainties and ambiguity concerning the future of this business. If the countries across globe recognize and acknowledge their accountability to keep the environment clean and do a business with responsibility towards environment, the business of carbon credit definitely has a bright future.

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6. BIBLIOGRAPHYCarbon Credit: India. (n.d.). Retrieved from http://www.sustainuance.com/how-carbon-offsets-could-be-india-inc-s-big-opportunity/

Carbon credits in india. (n.d.). Retrieved from http://www.globaladvisors.in/carboncredits.htm

CDM Pipeline Organisation. (n.d.). Retrieved from http://cdmpipeline.org/cdm-projects-region.htm

Enviornmental Information system center . (n.d.). Retrieved from http://www.nswai.com/images/newsletters/feb2007.pdf

India and Carbon Credits. (n.d.). Retrieved from http://www.onlinecarbonfinance.com/india-and-carbon-credits.htm

The Carbon Cycle. (n.d.). Retrieved from http://www.businessworld.in/news/business/environment/the-carbon-cycle/1223558/page-1.html

Greenply Annual Report Retrieved from :

http://www.greenply.com/images/pdf/Annual_Report_2008-09.pdf

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