in partial fulfillment of the requirements for the ph.d ... - 119997392004 - avani shah.pdf ·...

A Synopsis

On

“Study of Carbon Credit Market in India (Gujarat)”

Submitted to:

Gujarat Technology University

In

Partial Fulfillment of the Requirements for the Ph.D. Programme

Guided By

Dr. Narayan Baser

Shri Jairambhai Patel Institute of Management and Computer Appli.,

Ghandhinagar.

Prof. Gregor Radonjič

University of Maribor, Faculty of Economics and Business

Prepared By:

Avani Shah (Reg.No: 8015; Enrollment No. 119997392004)

Shri Chimanbhai Patel Institute of Management and Research, Ahmedabad.

Table of Content

Sr.

No. Particulars

Page

No.

1 Introduction of the Study 1

2 Rationale of the study 2

3 Purpose of the Study 2

4 Objectives of the Study 2

5 Scope of the Study 3

6 Original contribution by the thesis 3

7 Literature Review 3

8 Research Methodology 5

9 Data Analysis and Results 8

10 Suggestions 13

11 Achievements with respect to objectives 13

12 Conclusion of the study 14

13 Limitations and future scope of the study 14

References

Research Title

“Study of Carbon Credit Market in India (Gujarat)”

Abstract

A renewed push for industrialisation will have to be balanced against further climate change.

India is the world’s third largest emitter of CO2, the chief greenhouse gas. April 2014 was the

first month in human history with an average CO2 level above 400 ppm. April 2015 recorded a

level of 403.26, nearly two points higher than the same month last year. The rising CO2 levels

have been linked by the UN’s intergovernmental panel on climate change (IPCC), in a 2014

report, to rising ocean and land temperatures as well as rising sea levels over the past 35 years.

This facts creates the need of the study of the topic. The study has focused on the variables

identified from literature review in Gujarat. As the energy sector (renewable/non-renewable) had

registered highest number of CDM project till 2012. The data has been collected in form of

semi-structured questionnaire from the employee of the energy organisations. The data is non-

parametric in nature so non-parametric test used such as kruskal-wallis test, chi-square tests and

mann-whitney U tests. From the data analysis, it has been identified that financial cost and

technology maintenance cost plays vital role. Global market condition is highly affecting CDM

market. The CDM project is also affecting the administrative function of the organisation. There

are very less organisation gone for carbon trading and those who opt for carbon trading

preferring forward contract for the financial security. Finally, the carbon emission market is

down that will affect the organisation for the registering CDM project.

1

1. Introduction of the study

((IPCC), 2007)Life on the earth is possible partly because some gases, such as carbon dioxide

(CO2) and water vapor, which naturally occur in the Earth's atmosphere. It tends to trap heat- like

a greenhouse does. It has been felt that the humans are greatly adding to the presence of such

gases, commonly referred to as greenhouse gases (GHGs), by burning fossil fuels and through

other industrial activities as well as various kind of land use, such as deforestation. The industrial

revolution in the mid-eighteenth century, the concentration of CO2 in the Earth’s atmosphere has

raised approximately 30%. The rate of growth for CO2 emissions continues to increase, with the

rate much higher for the ten year period of 1995-2004 compared to the previous 24 year period

of 1970-1994.

((UNFCCC), 2008) ((IISD),2009)On Wednesday 16 February 2005, some 8 years after the

world’s nations came together in Kyoto in Japan in 1997 to discuss global warming; the Kyoto

Protocol finally came into force. Although, the protocol is to combat six greenhouse gases

emission, which was negotiated in Kyoto, Japan in December 1997, during the third Conference

of Parties (COP) of UNFCCC (which was agreed at the Earth Summit at Rio-de-Janeiro in

1992). Kyoto Protocol has defined three mechanisms such as: Joint Implementation (JI), Clean

Development Mechanism (CDM) and International Emission Trading. All these mechanisms are

market-based. The first two are project based, whereas the third one allows the developed

countries to sell surplus emission of one country to another developed country. Amongst all,

Clean Development Mechanism is only applicable to India. India has potential opportunity in

terms of transfer of technology, investment, carbon trading, profits and most of all environmental

benefits.

((IISD), 2009) (ICAI, 2009) India signed the UNFCCC on 10 June 1992 and ratified it on 1

November 1993. Under the UNFCCC, developing countries such as India do not have binding

GHG mitigation commitments in recognition of their small contribution to the greenhouse

problem as well as low financial and technical capacities. The ministry of environment and forest

is the nodal agency for climate change issues in India. The National CDM Authority (NCDMA)

is a single window clearance for CDM projects in the country. Gujarat is the first state in India to

sign such a MoU with the World Bank. India is the leading country in the world with the second

2

rank in carbon emission reduction earning after China. China accounted for more than 55% of

total CER issued under UNFCCC, where as 15% of total CER issued are of India. Gujarat is the

first state in the country accounted Rs.127, 021,481 CER issued till 2012 that 18% of the total

CER in India. In a country, the electrical energy consumption is an important parameter which

represents the economic growth of the country. According to a World Bank study (2009), India

can reduce its annual electricity usage by 183.5 billion Kilo Watt Hour (kWh) by investing 10

billion dollars in energy efficiency improvement measures. The Indian power sector is one of the

most diversified in the world. Sources for power generation range from commercial sources such

as coal, lignite, natural gas, oil, hydro and nuclear power to other viable non-conventional

sources such as wind, solar, and agriculture and domestic waste.

2. Rationale of the study

For delay time of global warming, every country starts their efforts. Though carbon credit has

been emerged as one of the strategy to delay the global warming, but the organization which has

implemented this concept are very low in number. The Kyoto Protocol has not been

implemented but it has impact on micro as well as macro level of the economy. Still in India,

there are very less participants because of unidentified parameters which leads to study the

concept and analyse the parameters.

3. Purpose of the Study

This study aims to have in-depth knowledge about the concept called Kyoto Protocol (KP). The

study examined the aspects considered for the CDM projects, barriers as well as factors affecting

CDM projects. On the other hand, the study focused on the impact of CDM project on

organisation of energy sector of Gujarat. Energy sector is considered to be highest registered

CDM projects (2219 number of projects) up to 2012. Hence, this study aims to contribute to

existing knowledge by testing the hypothetical association between selected

criteria of CDM projects among different classification of project as well as organisations.

4. Objectives of the Study

To review the global Carbon Credit Market.

3

To assimilate the various technologies adopted by organisations and baselines, factors and

risk level associated with the different registered CDM projects of energy sector

organisations in Gujarat.

To examine the barriers faced by selected organisations and the impact of CDM project for

running the carbon credit project.

To explore the future potential of carbon credit market in Gujarat and India.

5. Scope of the Study

The scope of the study refers to the parameters under which the study will be operating. Think of

the scope as the domain of your research what’s in the domain, and what is not. The scope of the

study is energy sector organisations that have registered their project for carbon emission

reduction (CER) and implement in Gujarat up to 2012 (Kyoto Protocol Phase I) under NCDMA.

The study is focuses on the large scale projects of energy sector organisation in Gujarat.

6. Original contribution by the thesis

Carbon emission is the first step taken to reduce the global warming. The research focused on

companies in Gujarat region which are present in energy sector and tries to find the major

parameters considered by the company for CDM project. This will contributes to the society

where the contemporary issue has been focused which will help the society for better

understanding of the concept and decide the new strategy for reduce the global warming. The

governing bodies also get some facts that help them for designing future strategies which helps

the organisations for better understanding of concept and important criteria needs to be focus.

7. Literature Review

Global Warming and Kyoto Protocol

(Stavins, 2008) (Ans Kolk, 2009) emphasised on structured policy to reduce the emissions of

carbon dioxide and other greenhouse gases, majority of the previous researches were focused on

the western countries. With reference to the emerging issue – global warming, majority of the

country across the globe have started showing their serious concern for this issue, and need has

4

been raised to form a structured policy to have fair distribution of emission allowances which

also exert positive impact on the economy of the country. (Wara, 2008) stipulates that Global

warming is one of the most difficult and important environmental challenges facing the

international community. To address a global environment problem with market based

mechanism, Global market has done their first attempt called the Clean Development

Mechanism (CDM) of the Kyoto Protocol. (Paula Castro, 2007) (Das, 2008) covered the

international climate policy has developed in a series of international agreements over the last 15

years. The original treaty, the United Nations Framework Convention on Climate Change

(UNFCCC) was signed in 1992. Since it entered into force in 1994, the Parties to the Convention

meet annually at COP. In the framework of the Kyoto Protocol negotiated in Kyoto in 1997, the

industrialized countries - also known as Annex B countries as they are listed in Annex B of the

Kyoto Protocol Phase I - finally adopted legally binding quantitative constraints, in which they

agreed to reduce greenhouse gas emissions by 5.2 per cent below which is their 1990 level on

average over a first commitment period of 2008-2012.

o Carbon Emission market of India and Gujarat

(Olsen, 2007) focused on the clean development mechanism for contributing to the development

of economy. The Clean Development Mechanism is part of the global carbon market developing

rapidly as part of the Kyoto response towards the mitigation of global warming. (Volker Krey,

2009) (Martin Nicholson, 2011) emphases on the delay participation and technology failure,

these two factors affect the greenhouse gases emissions in 21st century. The research paper

distinguish between “first-best scenarios” with full participation, and “second-best scenarios”

with delayed participation of Brazil, China, India, and Russia in 2030. (Vinay Deodhar,

September 2003)(CDM Basics, 2009) covered the financial structure for CDM projects in India.

To meet the emission reduction requirement through purchase of carbon credit from projects in

developing countries. To encourage private sector for project development capacity, there should

be transparent and effective rules at central and state level. CDM funds and CDM bonds become

attractive to reduce the credit risks and political risk. (K. Umamaheswaran, 2006) (H. Pathak · N.

Jain · A. Bhatia, 2009) stipulates to assess additionality and sustainable development issues of

energy efficiency CDM projects with an emphasis on the situation in India. (Shah, 2011) (Ajay

5

Bharti, 2011) covered the possibility of exclusive use of renewable energy for electricity required

by the municipality for pumping, lighting and municipality buildings and municipal solid waste

management. This can be one of the first initiatives of the state for climate change mitigation.

o Research gap

The past studies focusing on different economy comparison in the context of carbon emission

market. This literature has also covered the model development that helps the industry as well as

economy for implementation of Kyoto protocol concept. The literature reviewed covered

secondary data analysis and conceptual research articles. Literature revealed absence of primary

data from industry related to CDM project registration and implementation. These research gaps

have been identified and addressed through this study.

8. Research Methodology

o Overview of the Study

The first phase is to conduct a literature review to study the concept in detail and identify the

scenario in India as well as Gujarat. A thorough literature review produced no previous studies

that investigated the projects which already registered by the energy sector organizations. The

second phase is to incorporate to identify and development of instrument. This step involves

developing a questionnaire which includes all the aspects identify from the literature review. The

third phase is to conduct a pilot study designed to confirm the reliability and validity of the

measurement instruments. The final phase is the primary research study. The primary research

study involves collecting data, conducting analysis for each of the instruments utilized and study

the relationships between model variables.

o Variables Defined

In the literature review, a set of constructs consisting of aspects considered by the organisation,

factors and barriers need to be considered for CDM project, the risk level association, impact of

CDM project, carbon trading and corporate social responsibility are identified as traits, which

potentially influence the development of CDM Project.

Sr. No. Variables Retrieved from

1. Aspects considered for CDM project CDM website, ‘CDM Project Cycle’:

6

http://cdm.unfccc.int/Projects/diagram.html

accessed Sept.,2013

2. Factors affecting CDM project www.paryavaranmitra.org.in

3. Barriers faced by organisation for

CDM project

www.paryavaranmitra.org.in

4. Risk associated with CDM project Clean Development Mechanism and Carbon

Credits, ICAI, April,2009

5. Impact of CDM project www.cdmindia.gov.in

6. Carbon Financing Clean Development Mechanism and Carbon

Credits, ICAI, April,2009

7. Carbon Trading www.unfccc.int

o Research Hypotheses

H1: There is a significant difference between factors affecting the CDM project and time span of

the project/ public & private sector organisations/ technology adopted for CDM project.

H2: There is a significant difference between barriers affecting CDM project and time span of

the CDM project/ type of organisations based on investment/number of employees/public &

private sector organisations/technology adopted for CDM project.

H3: There is a significant difference between aspects considered for the CDM project and

number of years serves in the industry/ type of energy sector organisation based on

investment/public & private organisation/technology adopted for CDM project.

H4: There is a significant difference for carbon trading among different type of organisation

based on no of years serve in industry/ type of organisation based on investment/public & private

organisation/ technology adopted for CDM project.

H5: There is a significant difference between impact of CDM project on organisation and

number of registered project/number of employees/number of years serves in industry/public &

private organisation/ technology adopted for CDM project.

http://cdm.unfccc.int/Projects/diagram.html%20accesssed%20Sept.,2013

http://cdm.unfccc.int/Projects/diagram.html%20accesssed%20Sept.,2013

http://www.paryavaranmitra.org.in/

http://www.paryavaranmitra.org.in/

http://www.cdmindia.gov.in/

http://www.unfccc.int/

7

H6: There is a significant association between risk associated with the CDM projects and time

span of the CDM project/ public & private energy sector organisations/ technology adopted for

CDM project.

H7: There is a significant association between deployment of corporate social responsibility and

number of years serves in industry/public & private organisations/ technology adopted for CDM

project.

H8: There is a significant difference between number of registered CDM projects among public

& private organisations/ technology adopted for CDM project.

H9: There is a significant difference between estimated CER p.a. among public & private

organisations/ technology adopted for CDM project /carbon trading.

Research Methodology

o Research design: The research uses descriptive research design to study the nature and

facts of variables listed above and carbon credit.

o Sample design: Non-probability convenience sampling used for sample design.

o Target population: The companies who had registered CDM project under NCDMA in

Kyoto protocol phase I (till 2012) in Gujarat.

o Target group: In Gujarat, there are 33 organisations from energy sector who has registered

large scale CDM projects till 2012 under NCDMA.

o Sample size: 22 organisations from Gujarat.

o Data Collection

The present study incorporates collection of both primary and secondary data for an in depth

study. Several top management employees from energy sector organisations were approached for

data collection through phone calls and E-mail and based on their convenience the data has been

collected through semi structured questionnaire. Secondary Data has been collected from

periodicals, journals, research papers, articles, magazines, newspapers, web-sites and other

reference material available from various sources.

8

9. Data Analysis and Results

Introduction

In the chapter on theoretical Framework, it was concluded that the study dealt with respondents

drawn from energy sector organization that had registered and implement CDM projects in

Gujarat in Kyoto Protocol phase I (2008-12). Responses from these organisations were solicited

to test the variables identified from literature review on organizations selected for study.

This chapter tests the reliability of the scales by using Cronbach alpha tests. . After applying

reliability test on the data collection instrument, the final data had been collected. Based on the

normality of the data set, the non-parametric test has been used for the data analysis. This is

followed by the testing of hypotheses by applying Kruskal-Wallis Test, Chi-Square Tests and

Mann-Whitney U Tests. Data also comprises of descriptive statistics. Standard Statistical

Package for Social Sciences version 20.0 software was used for analyzing the data.

Data analysis

Sr. No. Null Hypothesis Test Result

H1

There is a significant difference in factors affecting

the CDM Project for different time span of the

project.

Kruskal-Wallis Test

External Factors-0.018

Internal Factors- 0.550

External Factors - Null

Hypothesis rejected.

Internal Factors -Null

Hypothesis accepted.

H2

There is a significant difference in barriers affecting

the CDM Project for different time span of the

project.

Kruskal-Wallis Test

Sig.- 0.126 Null Hypothesis accepted.

H3

There is a significant difference in aspects

considered for the CDM Project among age of the

energy sector organisations.

Kruskal-Wallis Test

Sig. – 0.263

Null Hypothesis accepted

except Overestimation and

the Potential Error.

H4

There is a significant difference in aspects

considered for the CDM projects for different

classification of organisation based on investment.

Kruskal-Wallis Test

Sig. – 0.623 Null Hypothesis accepted.

H5

There is a significant difference in barriers faced by

the organisation among different classification of

organisations based on investment.

Kruskal-Wallis Test


H6 There is a significant difference in barriers faced by Kruskal-Wallis Test Null Hypothesis accepted.

9

the organisation among number of employees of


Sig.- 0.540

H7

There is a significant difference in carbon trading

among different age of energy sector organisations.

Kruskal-Wallis Test

Sig.-0.117 Null Hypothesis accepted.

H8

There is a significant difference in carbon trading

among classification of organisation based on

investment.

Kruskal-Wallis Test


H9

Impact of CDM Projects does differ significantly

with number of registered CDM projects by energy

sector organisation.

Kruskal-Wallis Test


H10

Impact of CDM Projects does differ significantly on

various parameters of energy sector organization

with respect to number of employees.

Kruskal-Wallis Test

Sig.- 0.396


except administrative part.

H11

Impact of CDM Projects does differ significantly of

energy sector organisation with respect to age of

them.

Kruskal-Wallis Test


H12

Time span of the project and risk associated with the

registered CDM project are dependent.

Chi-Square

Sig.- 0.048 Null Hypothesis rejected.

H13

Deployment of CSR and age of the energy sector

organisations are dependent.

Chi-Square


H14

Energy sector organisations gone for carbon trading

and number of registered CDM project are

dependent.

Chi-Square


H15


and estimated carbon emission reduction p.a. are

dependent.

Chi-Square


H16


and ownership structure of organisations are

dependent.

Chi-square Test


H17

Estimated CER p.a. by energy sector organisation

and technology adopted for CDM Project are

dependent.

Chi-square Test

Sig.-0.043 Null Hypothesis rejected.

H18

Impact of CDM Projects does differ significantly

with respect to ownership structure of energy sector

organisations.

Mann-Whitney U Test


10

H19

Aspects considered for CDM project does differ

significantly with respect to ownership structure of

energy sector organisation.

Mann-Whitney U Test


H20

Barriers faced by the organisation does differ

significantly with the ownership structure of energy

sector organisations.

Mann-Whitney U Test


H21

Factors affecting registered CDM project does differ

significantly with the ownership structure of energy

sector organisations.

Mann-Whitney U Test

External factors- 0.195

Internal factors- 0.042


except internal factor that is

Finance.

H22

Risk associated with registered CDM Projects does

differ significantly with the ownership structure of


Mann-Whitney U Test

Sig. – 0.118


except supply risk and

operational risk.

H23

Deployment of Corporate Social Responsibility

through CDM Project does differ significantly with

the ownership structure of energy sector

organisations.

Mann-Whitney U Test

Sig.-0.309 Null Hypothesis accepted

H24

There is a significant difference in number of

registered CDM projects among Public/Private

organisations.

Mann-Whitney U Test


H25

Impact of CDM Project on energy sector

organisations does differ significantly with the

technology adopted for the CDM projects.

Mann-Whitney U Test

Sig. – 0.243


except Finance.

H26

Aspects considered for the CDM Project by

organisations does differ significantly with the

technology adopted for the CDM Projects.

Mann-Whitney U Test

Sig. – 0.076


except technology, finance

and physibility

H27

Barrier faced by the energy sector organisation does

differ significantly with the technology adopted for

the CDM Projects.

Mann-Whitney U Test


H28

Factor affecting the registered CDM projects does

differ significantly with the technology adopted for

the CDM Projects by organisations.

Mann-Whitney U Test

External factors- 0.438

Internal factors- 0.217


H29

Risk associated with Registered CDM Project does

differ significantly with the technology adopted by


Mann-Whitney U Test


11

H30

Deployment of CSR through CDM project does

differ significantly with the technology adopted by

the energy sector organisations.

Mann-Whitney U Test


H31

There is a significant difference in number of

registered CDM Projects for different technology

adopted by energy sector organisations.

Mann-Whitney U Test


H32

Carbon Trading does differ significantly with the

technology adopted by the energy sector

organisations.

Mann-Whitney U Test


H33

Estimated Carbon Emission Reduction p.a. does

differ significantly with the ownership structure of


Mann-Whitney U Test


H34 There is a significant difference for Estimated CER

p.a. and organisation gone for Carbon Trading.

Mann-Whitney U Test


Summary of results

o Barrier Analysis

Barriers analysis addresses the barriers faced by the CDM project. Out of all the barriers,

financial barriers (14org.), technological (7 org.) and institutional (6 org.) barriers are most

critical one. For the ease of study independent variables have been classified as organisation

based on investment, number of employees, ownership structure of organisations (public/private)

and technology adopted for CDM project and compared with barriers faced by organisation. The

value of sigma shows that there is no difference among all the independent variables. Thus it can

be interpreted that barriers faced by energy sector organisations are independent.

o Factors affecting CDM Projects

Two major factors “Global market condition and monitoring cost” were shown as highly

affecting the CDM project. Non-parametric test were used to check the difference among the

independent variables and factors affecting CDM projects. The result exhibited that there is

difference for external factors (global market, political changes and trade relations) with sig.

0.018 among different time span of the CDM project. Factors affecting registered CDM projects

12

do not differ with the ownership structure of energy sector organisations / technology adopted for

CDM project except financial factor (sig. 0.034).

o Risk involved in CDM project

The risk associated with CDM projects are categorized into major five heads such as: registration

risk, performance risk, counter party risk, market risk and country risk (ICAI report, 2009). From

the study, it can be identified that financial risk, time over-run risk and operation risk are also

associated with CDM project. The statistical analysis shows that time span of the project and risk

associated with the registered CDM project are dependent (sig. 0.048). Capital cost over-run risk

(sig. 0.045) has difference with the time span of the CDM projects. Supply risk (sig. 0.013) and

operational risk (sig. 0.046) has difference with the ownership structure of organisations.

o Aspects considered for CDM project

The CDM project should meet prescribed criteria for registration as per NCDMA broadly named

as: additionality, sustainable development indicators and baselines. From the result, it can be

interpreted that there is no difference for aspects considered by the organisations for the CDM

project among all the independent variables such as age of organisations, classification of

organisations based on investment and ownership structure of organisations (public/private)

except certain criteria’s that are financial additionality (additionality), environmental well-being

and technological well-being (Sustainable development indicators), and overestimation and the

potential error (baselines).

o Impact of CDM project

The output of the data reveals that impact of CDM projects does not differ with total number of

registered projects, the age of energy sector organizations, ownership structure of energy sector

organisations, and the technology adopted for the CDM projects except for finance. However

significant difference was found for the impact of CDM project on energy sector organisation

among administrative employees exhibited by sigma value of 0.039.

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o Carbon Trading

The energy sector organisations registered their project but majority of the organisations does not

prefer to go for carbon trading because they are having contract with the foreign party. Out of all

sample studied, six organisations had gone for carbon trading and most of the organisations

prefer forward contract. From the data, it has been identified that organisations indulging in

carbon trading is independent from the organisations category, type of organisation based on

investment, estimated carbon emission reduction p.a., ownership structure of energy

organisations, number of registered CDM project and technology adopted for CDM project.

o Corporate Social Responsibility

Research shows that majority of the organisation used carbon credit as a tool for CSR.

Deployment of corporate social responsibility (CSR) through registered CDM project and age of

the organisations are independent. Deployment of corporate social responsibility through CDM

project does not differ with the ownership structure of organisations as well as technology

adopted by the organisations.

10. Suggestions

Various parameters affecting CDM projects were studied. Analysis revealed that majority

organisation used two renewable sources: wind and solar, so still there are opportunity exist to

use other renewable sources. In Gujarat biogas is highly used source. India has potential to

generate more carbon credit. Government has to generate more source of carbon financing that

will help the organisation for better implementation of the CDM project.

11. Achievements with respect to objectives

The research objective is to analyse the parameters identified from literature and its relationship

between energy organisation and CDM project profile. The study identified widely used

technology adopted for CDM project, and major aspects in perspective of organisation. The

study has also derived major risk associated with CDM projects, factors and barriers faced by the

organisation and the impact of CDM project on organisations.

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12. Conclusion of the study

The current study deals with the energy sector organisations that had registered CDM project in

Gujarat till 2012. The data focused on the various parameters relating to CDM Project, factors

affecting CDM Project, barriers faced by organisation for CDM project, risk involved in CDM

Project, impact of CDM Project on organisations, carbon trading, corporate social responsibility

and carbon financing.

There is various renewable energy sources used for the CDM Projects. The data shows that solar

and winds are the major used technology by the energy sector organisation for CDM projects in

Gujarat. This study highlighted that all the aspects are considered by the energy organisations.

CDM Projects needs to be eco-friendly, generate employment opportunity taking into

consideration feasibility aspect. The findings further revealed that external as well as internal

factor affects the CDM Project. Out of all the factors, global market condition and monitoring

cost of the CDM projects were found most critical one. Out of all the risk associated with

project, capital cost over-run risk, operational risk and supply risk were found to be influencing

the CDM projects. CDM project also had impact on organisations functions. Finance,

stakeholder and management areas are most affected functions in organisation by CDM projects.

With perspective of no. of employees, only administrative function was analysed as being

affected. Data analysis also revealed that organisations which had gone for carbon trading mostly

prefer forward contract because of carbon pricing fluctuations. The study revealed that carbon

credit plays a positive role for the deployment of CSR. Majority of the energy organisations were

seen registered with single project. Further discussion revealed that very less organisation wished

to register other projects. This will affect the future of the Kyoto Protocol Phase II.

13. Limitations and Future scope of the study

The study focused primarily on large scale CDM projects in energy industry only in Gujarat. The

research can be extended by covering all the CDM projects of Gujarat and further inter industry

comparison. The future research will be done on Cross-national comparison with economic

indicators relating to carbon credit. Kyoto Protocol phase II started after 2012 Carbon credit

pricing is always unpredictable so further in-depth analysis of the pricing of Carbon Credit

would be explored.

15

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Wara, M. W. (2008). Measuring the Clean Development Mechanism's Performance and

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Websites

www.unfccc.in

www.cdmindia.gov.in

http://www.unfccc.in/

http://www.cdmindia.gov.in/

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