Capstone Project 2013- 2015

Title of the Project:

A Study on Carbon Finance & Analysis on Carbon

Credits (INDIA).

Faculty Guide Details:

Name: Prof. Samie Ahmed Syed.

Designation: Assistant Professor,

ITM Business School, Navi Mumbai.

Prepared & Submitted By:

Name: Priyankur Dhar.

PGDM- Finance (2013-15).

Application Id.: PGDM-739.

ITM Campus, 25 & 26 Institutional Area, Sector 4, Kharghar (East), Navi Mumbai- 410210 Tel: 022 2774 2793 / 98; Fax: 022 2774 0950; Email: Kharghar@itm.edu; www.itm.edu

Institute for Technology and Management

Student’s Declaration

This is to certify that the work reported in the present project entitled “A Study on Carbon

Finance & Analysis on Carbon Credits (INDIA).” is a record of work done by me under

the guidance of Prof. Samie Ahmed Syed, and Submitted to Institute for Technology and

Management, Navi Mumbai, for partial fulfillment of the requirements for the award of

Post Graduate Diploma in Management (PGDM).

PGDM- Finance (2013-15).

Application Id.: PGDM-739.

ITM Business School, Navi Mumbai.

Priyankur Dhar

Acknowledgement

I, Priyankur Dhar student of Institute for Technology and Management, Kharghar, Navi

Mumbai, is highly grateful to my Faculty Guide Prof. Samie Ahmed Syed, for guiding and

correcting various documents of mine with attention and care. He has taken pain to go

through the project and make necessary correction as and when needed.

I would like to thank my Institution, Institute for Technology and Management, Kharghar,

Navi Mumbai, for providing such opportunity.

Finally, I would like to take this opportunity to thank my family for their support through the

work. I sincerely acknowledge and thank all those who gave directly or indirectly their

support in completion of this work.

Priyankur Dhar.

Table of Contains

Page No.

A. Executive Summary vii

B. List of Tables viii

C. List of Figures/Charts viii

1. Introduction

1.1 Introduction

1.2 Title of the Project

1.3 Objectives

1.3.1 Primary Objectives

1.3.2 Secondary Objectives

1.4 Scope of the study

1.4.1 Need for the study

1.4.2 Research Methodology

1.4.3 Statistical tool

1.5 Kyoto Protocol - 1997

1.6 Carbon Credits

2

2

2

2

3

3

3

3

4

2. Literature Review

2.1 Literature Review

6-8

3. Carbon Finance

3.1 Carbon Market

3.2 Carbon Emission trading

3.2.1 Market trend

3.2.2 Role of India in carbon trading

3.3 Carbon offset

3.3.1 Carbon offset markets

3.3.2 Sources of carbon offsets

3.4 Carbon Credit

10

11

11-12

12-14

14-16

16-17

4. Analysis of Data

4.1 Research Methodology

4.2 Empirical Analysis

4.3 Data Analysis and Interpretation

4.3.1 Factors

4.3.2 Data Analysis

19

19

20-21

21-23

Page No.

5. Conclusion

5.1 Summary and findings

5.2 Conclusion

5.3 Scope for further work

25

25

25

6. Recommendations

6.1 Recommendation

27

8. Bibliography & References

7.1 Journals

7.2 Websites

29

30

TO WHOMSOEVER IT MAY CONCERN

This is to certify that the project report entitled “A Study on Carbon Finance &

Analysis on Carbon Credits (INDIA)” being submitted by Mr. Priyankur Dhar

(PGDM-739) in partial fulfillment for the award of the Post Graduate Diploma In

Management in Finance to the Institute for Technology and Management, Kharghar

is a record of bonafide work carried out by him under my guidance and supervision.

The results embodied in this project report have not been submitted to any other

University or Institute for the award of any Degree or Diploma.

Institute for Technology and Management

ITM Campus, 25 & 26 Institutional Area, Sector 4, Kharghar (East), Navi Mumbai- 410210 Tel: 022 2774 2793 / 98; Fax: 022 2774 0950; Email: Kharghar@itm.edu; www.itm.edu

Prof. Samie Ahmed Syed. (Assistant Professor, ITM, Navi Mumbai.)

Date:

~ vii ~

Executive Summary

This research paper is mainly confined to the factors which were selected for the analysis

purpose on CARBONEX various tools has been applied to measure the effect of environment

friendly factors and polluted economic factors.

This research paper mainly discuss about the carbon finance, carbon credit, carbon market. In

India carbon credit decision are taken by Kyoto protocol under united national frame work of

climate change (UNFCC).

In this paper I try to determine impacts of Greenex, MSCI, IIP, and Total Carbon Dioxide

Emissions on CARBONEX. In India Greenex will be effected more in the near future , by

industrialization growth and increasing of automobile vehicle sales .this paper is useful for

the investors who wanted to take the advantage of industrialization growth which effect

negative impact on environment ,and government institutions who wanted to control the

ecological systems of the world.

~ viii ~

List of Tables

Sl.

No.

Topic Name Table No. Page

No.

1. Correlation Slabs 4.1 19

2. Average Value Table 4.2 21

3. Correlation Table 4.3 22

4. SKEW Table 4.4 22

5. KURT Table 4.5 23

List of Figures/Charts

Sl.

No.

Topic Name Fig./Chat No. Page

No.

1. How to create Carbon Credit 3.1 17

Introduction

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1.1 Introduction:

Carbon finance is a new branch of Environmental finance. Carbon finance explores the

financial implications of living in a carbon-constrained world, a world in which emissions of

carbon dioxide and other greenhouse gases (GHGs) carry a price.

Financial risks and opportunities impact corporate balance sheets, and market-based

instruments are capable of transferring environmental risk and achieving environmental

objectives. Issues regarding climate change and GHG emissions must be addressed as part of

strategic management decision-making.

By creating a commercial value for reducing greenhouse gas emissions, the carbon markets

can provide an additional source of revenue for a sustainable energy project. This increases

the commercial viability of a project, and can therefore play an important role in sustaining

and growing the enterprises. Within this context, carbon finance can be an opportunity,

although the process to access it is cumbersome and not suitable for all types of businesses.

Carbon Credits Trading or Emission Trading refers to trading in Greenhouse gas emission

certificates within the legal framework. It is a market-based scheme for environmental

improvement that allows parties to buy and sell permits for emissions or credits for

reductions. Emissions trading allow established emission goals to be met in the most cost-

effective way by letting the market determine the lowest-cost pollution abatement

opportunities.

1.2 Title of the Project:

A Study on Carbon Finance & Analysis on Carbon Credits (INDIA).

1.3 Objectives:

1.3.1 Primary Objectives:

o Study the financial risks and opportunities of Carbon Credit.

o Study the Carbon Finance market.

1.3.2 Secondary Objectives:

o To find the performance measure of GREENEX on CARBONEX.

o To know the impact of MSCI on CARBONEX.

o To know the impact of Total Carbon Dioxide Emissions on CARBONEX.

o To find the performance measure of IIP on CARBONEX.

o To find the performance measure of Gold Futures on CARBONEX.

o To study the evolution of carbon credits in India and around the globe.

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1.4 Scope of the study:

Carbon Credits as dependent variable on other factors like Carbonex, Greenex, Oil & Gas

Prices, Power, etc. exclusively and their mutual variations. The data is collected from

BSE/NSE.

1.4.1 Need for the study:

Carbon credit trading can open up a new cash source to companies who are able to maintain

their emission levels well within the permissible limits. The overall ecological balance is

preserved. The company or country gets rewarded for applying clean technology in its

production process. A much better corporate and social image which wins public approval.

Encourages activities like tree plantings which would help reduce soil salinity, improve water

quality and enhance biodiversity.

1.4.2 Research Methodology:

This study is based on Primary data which includes daily indices monthly averages of all the

factors (CARBONEX, GREENEX, IIP, MSCI etc.) with BSE from 1st January, 2008 to 31st

December, 2014.

1.4.3 Statistical tool:

The statistical tools used for analysis are Skewness, Kurtosis & Correlation to establish

relations between all these factors considered to check the validity of the correlation.

1.5 Kyoto Protocol - 1997:

The Kyoto Protocol is an international agreement linked to the United Nations Framework

Convention on Climate Change, which commits its Parties by setting internationally binding

emission reduction targets.

The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into

force on 16 February 2005. The detailed rules for the implementation of the Protocol were

adopted at COP 7 in Marrakesh, Morocco, in 2001, and are referred to as the "Marrakesh

Accords." Its first commitment period started in 2008 and ended in 2012.

The main goal of the Kyoto Protocol is to contain emissions of the main anthropogenic (i.e.,

human-emitted) greenhouse gases (GHGs) in ways that reflect underlying national

differences in GHG emissions, wealth, and capacity to make the reductions.

The Protocol makes it mandatory for commercial entities emitting above the permitted limit

of carbon dioxide to cut down their emissions to prescribed levels, or they should buy carbon

credits certificates which can be transacted in the market, or alternatively pay a charge for the

emissions, which is referred to as carbon tax.

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1.6 Carbon Credits:

A carbon credit or carbon offset is a generic term for any tradable certificate or permit

representing the right to emit one tone of carbon dioxide or the mass of another greenhouse

gas with a carbon dioxide equivalent (CO2) equivalent to one tone of carbon dioxide.

Carbon credits and carbon markets are a component of national and international attempts to

mitigate the growth in concentrations of greenhouse gases (GHGs). One carbon credit is

equal to one tone of carbon dioxide, or in some markets, carbon dioxide equivalent gases.

Carbon trading is an application of an emissions trading approach. Greenhouse gas emissions

are capped and then markets are used to allocate the emissions among the group of regulated

sources.

Each carbon credit represents one tone of co2 either removed from the atmospheres or saved

from being emitted. Carbon credits can be created in many ways but there are 2 broad types.

o Sequestration (retaining or capturing co2 from the atmosphere) such as afforestation &

reforestation activities.

o CO2 saving projects such as the use of renewable energies (wind power, solar energy,

biomass power.

The goal is to allow market mechanisms to drive industrial and commercial processes in the

direction of low emissions or less carbon intensive approaches than those used when there is

no cost to emitting carbon dioxide and other GHGs into the atmosphere. Since GHG

mitigation projects generate credits, this approach can be used to finance carbon reduction

schemes between trading partners and around the world.

A company has two ways to reduce emissions. One, it can reduce the GHG (greenhouse

gases) by adopting new technology or improving upon the existing technology to attain the

new norms for emission of gases. Or it can tie up with developing nations and help them set

up new technology that is eco-friendly, thereby helping developing country or its companies

'earn' credits.

There are also many companies that sell carbon credits to commercial and individual

customers who are interested in lowering their carbon footprint on a voluntary basis. These

carbon off setters purchase the credits from an investment fund or a carbon development

company that has aggregated the credits from individual projects. Buyers and sellers can also

use an exchange platform to trade, such as the Carbon Trade Exchange, which is like a stock

exchange for carbon credits. The quality of the credits is based in part on the validation

process and sophistication of the fund or development company that acted as the sponsor to

the carbon project. This is reflected in their price; voluntary units typically have less value

than the units sold through the rigorously validated Clean Development Mechanism.

Literature Review

Page | 6

2.1 Literature Review:

Benjamin J. Richardson:

Climate finance is becoming an important feature of the emerging legal and policy regimes to

address global warming. However, the current approach largely confines the financial sector

to a transactional agent to mobilize capital for clean energy and to broker emission allowance

trading. The sector's potential to leverage more sweeping positive changes in the economy as

sought historically through the movement for socially responsible investment (SRI) has been

insufficiently acknowledged. Indirectly, by regulating greenhouse gases the legal system is

helping to create a business case for investors to respond to climate change threats. However,

the potential contribution of SRI to address climate change problems more comprehensively is

presently limited owing to inadequate governance frameworks, as well the sector's increasing

abandonment of its traditional ethical agenda.

Manish Sachdev:

In 1997, Kyoto Protocol, a voluntary treaty was signed by 141 countries to reduce the emissions

of Global House Gases by 5.2% below 1990 levels by 2012. Certified Emissions Reductions

(CER) or Carbon credits are certificates issued certifying reduction in emissions. The

developing countries have been exempted from any such restrictions. These certificates can be

traded in the market and purchased by firms which find purchasing emission credits to offset

its emissions lower in cost. Thus an opportunity has emerged for firms in developing countries

like India, Brazil and China to boost their earnings by complying with norms. These additional

cash flows from sales of credits result in an incremental internal rate of Return by 27%. This

has opened up a new source of cash flow in project financing making unviable projects viable

by exceeding the hurdle rate for investment returns. It will be pragmatic on part of firms to

consider this mode of cash flows in project financing.

Deepanshi Chaudhary:

For several decades widespread concern has surfaced over the increase in disruptive

anthropogenic processes and their role in radically altering the environment and ecosystems.

With the advent of the Kyoto Protocol the world witnessed a dramatic intensification of interest

in Climate Change Mitigation. Although this momentum was initially brought about to meet

compliance targets, it soon gave way to private businesses, NGOs, investors and eventually

individuals who took the initiative to change their prodigal ways. Parallel to the CDM projects

market, runs another smaller yet burgeoning Voluntary Carbon market. Not bound by the

rigorous procedures and high transaction costs, the Voluntary Carbon Market empowers a

wider variety of organizations and individuals to take part in the mitigation process and

sustainable future. Currently the Voluntary Carbon Market is estimated at $330 million, trading

volumes of 65 million tons of CO2 with a growth rate of 240% in just one year. Experts predict

this to grow exponentially to volumes of up to 1400 million tons of CO2 being traded by 2020.

Page | 7

Hamilton (May 2008):

This report deals with issues pertaining to the Voluntary Carbon Market and its potential in the

coming years. It discusses topics of additionality, validation and verification standards and

registries.

Allwardt, Jennifer:

The potential of using carbon offset credits from agroforestry projects for farmers in

developing areas has become more prevalent in both Clean Development Mechanism and

voluntary carbon markets. Since the implementation of the Kyoto Protocol, many international

development organizations have been interested in using the Clean Development

Mechanism (CDM) to help both mitigate CO2 emissions through agroforestry projects offsets

and as a poverty reduction tool. Few organizations that have begun talking with farmers about

planting trees for carbon offset credits have been able to tell the farmers how much money they

would receive from their new tree growth or the costs they will incur in doing so.

Mr. Dhaval Sharma:

In 1996 the Kyoto Protocol established a global policy aimed at reducing greenhouse gas

(GHG) emissions. In response, slow steady steps are being taken to implement carbon emission

limits. Markets are being established so that companies can exchange carbon allowances.

Turning the environment, a public good, into private property presents many economic

challenges. India comes under the third category of signatories to UNFCCC. India signed and

ratified the Protocol in August, 2002 and has emerged as a world leader in reduction of

greenhouse gases by adopting Clean Development Mechanisms (CDMs) in the past few years.

Ms. Yuvika Gupta (Teerthanker Mahaveer University, Moradabad):

In today's scenario Global Warming is costing a lot of money, so Green Environmentalist aims

to promote policy and business that works for the environment. This has created an opportunity

for the trade of carbon credits both within and outside of the regulated area, thereby creating a

global "carbon market". In this system of carbon trading, controls are imposed on Greenhouse

Gas (GHG) emissions under the Kyoto Protocol, and the pre-decided emission limits are then

allocated across countries, which have to control the greenhouse gas emissions from the

various industries and commercial units operating within them. The objective of the paper is

to discuss the basic concepts and importance of carbon credit. It also emphasizes on the

methods used to save the environment. This paper also discusses the business opportunities in

the global emissions market in Indian context.

E. Parvathamma:

This paper examines the conditions leading to climate change, initiatives for greenhouse gas

abatement and the issues related to Carbon Trading. It details the modalities of carbon trading

and business opportunities for various players and, its impact on the economy as a whole. This

paper also discusses the technique of achieving economic benefits, while creating a new

financial product and it’s trading in a global scenario.

Page | 8

Dr. Namita Rajput and Ms. Parul Chopra:

Climate change is the greatest challenge threatening humanity at present. Global warming due

to excessive release of toxic gases, pollution of ecological endowments are glaring examples

of reckless human behavior in pursuit of economic motives. It is call of the time for us to give

back to Mother Nature what all we have robbed her off, and efforts are made world over to

reduce the negative imprints as a priority call. To make stringent plan of action for environment

protection the Kyoto Protocol was organized in 1997 where stakeholders from across the globe

brainstormed a mechanism whereby it was decided to incorporate carbon (main greenhouse

gas) reduction endeavors with economic motives of enterprises to motivate sustainability

efforts on their part. Under this arrangement “carbon” a free gift of nature has been converted

to an “economic commodity”, which is actively traded in the form of carbon credits. The paper

shall discuss basic concepts related to carbon credit as a tool to save environment as well as

study business opportunities in emissions market in India’s context.

Carbon Finance

Page | 10

3.1 Carbon Market:

Through the establishment of carbon markets, reductions in greenhouse gas emissions

became a tradable commodity.

Tackling climate change is widely acknowledged as one of the biggest challenges of this

century and its negative effects will disproportionately affect poor countries, which makes it

even more urgent to act. Emissions of various gases that arise from industrial activities and

the burning of fossil fuels and biomass need to be reduced in order to limit the negative

impacts of climate change. The most important of these so-called ‘greenhouse gases’ is CO2

often just called ‘carbon’ – which originates in the combustion of fossil fuels or other organic

matter.

To help the global reduction of greenhouse gas emissions, projects in developing countries

can be eligible to receive funding from industrialized countries or companies if their project

reduces greenhouse gas emissions.

Under this process, which is mostly referred to as ‘carbon finance’, industrialized countries

help to meet the costs for such projects. This process is regulated through special markets

where these emission reductions are traded

Key elements of carbon finance projects

o Available only for projects that reduce greenhouse gas emissions

o They must contribute to the sustainable development of the host country

o These emission reductions need to be measured and verified before they can be sold

as carbon credits

Most industrialized countries have committed themselves to reduce their greenhouse gas

emissions through international negotiations and treaties. Individual national targets have

been set to meet this collective commitment. The European Union and other states put legally

binding obligations on their biggest industries to reduce their emissions. Firms with high

emissions need to pay a price for each tone of CO2 which they are emitting – called the

‘carbon price’.

Attaching a price to carbon emissions and creating markets to trade them is thought to

provide financial incentives to encourage emitters to undertake emission reduction efforts. If

a company wants to emit more than it is allowed to, it can buy credits from those who have

reduced their emissions below the target level, or from a project in a developing country

which has certified emission reduction credit to sell. This trading forms the basis of the

carbon market. Emission reductions certificates or colloquially ‘carbon credits’ are the

currency of these markets. So carbon finance is a payment to a project in order to purchase its

emissions reductions – just like a commercial transaction.

3.2 Carbon Emission trading:

Carbon emissions trading is a form of emissions trading that specifically targets carbon

dioxide (calculated in tons of carbon dioxide equivalent or tCO2e) and it currently constitutes

the bulk of emissions trading.

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This form of permit trading is a common method countries utilize in order to meet their

obligations specified by the Kyoto Protocol; namely the reduction of carbon emissions in an

attempt to reduce (mitigate) future climate change.

Under Carbon trading, a country having more emissions of carbon is able to purchase the

right to emit more and the country having less emission trades the right to emit carbon to

other countries. More carbon emitting countries, by this way try to keep the limit of carbon

emission specified to them.

3.2.1 Market trend:

Carbon emissions trading has been steadily increasing in recent years. According to the

World Bank's Carbon Finance Unit, 374 million metric tons of carbon dioxide equivalent

(tCO2e) were exchanged through projects in 2005, a 240% increase relative to 2004 (110

mtCO2e) which was itself a 41% increase relative to 2003 (78 mtCO2e).

The increasing costs of permits have had the effect of increasing costs of carbon emitting

fuels and activities. Based on a survey of 12 European countries, it was concluded that an

increase in carbon and fuel prices of approximately ten percent would result in a short-run

increase in electrical power prices of roughly eight percent. This would suggest that a

lowering cap on carbon emissions will likely lead to an increase in the costs of alternative

power sources. Whereas a sudden lowering of a carbon emission cap may prove detrimental

to economies, a gradual lowering of the cap may risk future environmental damage via global

warming.

In 2010 Chicago Climate Exchange (CCX) ceased its trading of carbon emissions. 450

members of the CCX had achieved reductions of 700million tons of emissions over the life of

the cap and trade program. The seven year CCX cap and trade program claimed to have

successfully provided cost-effectiveness and market-based flexibility for emissions trading.

3.2.2 Role of India in carbon trading:

India is emerging as a serious player in the global carbon credits market. This has prompted

originator, developer and trader of carbon credits, to set up office in India. Carbon credit is

very emerging domain now a days especially in India but very few corporate are aware of

this emerging segment. At present it is quite essential to create awareness about this business

segment .As, India’s GHG emission is below the target and so, it is entitled to sell surplus

credits to developed countries. India is considered to claim about 31% of the total world

carbon trade, which can give $25bn by 2010.This is what makes trading in carbon credits

such a great business opportunity. Foreign companies which cannot fulfil the norms can buy

the surplus credit from companies in other countries. Many Indian companies have been re-

rated on the stock markets on the basis of the bonanza that will accrue to them when carbon

trading kicks off. SRF Ltd and Shell Trading International have entered into sale and

purchase Credit Emission Reduction. Suzlon Energy and Shriram EPC have business in wind

energy which is eligible for carbon credit benefits. Shree Renuka Sugars is also expected to

benefit from carbon credits. Gujarat Flour chemicals was among the early companies to

register for Clean Development Mechanism (CDM) project. India has emerged as the dark

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horse in this race as more than 200 Indian entities have applied for registering their CDM

Project for availing carbon credits. The 800 million farming community in India has also a

unique opportunity where they can sell Carbon Credits to developed nations. The India's

Delhi Metro Rail Corporation (DMRC) has become the first rail project in the world to earn

carbon credits because of using regenerative braking system in its rolling stock. DMRC has

earned the carbon credits by using regenerative braking system in its trains that reduces 30%

electricity consumption. It is believed that it is not the penalty awarded to erring companies,

but the rewards and recognition given to green firms is what makes this system so popular

and exclusive. This means that companies with limited emissions will devise strategies to

further reduce emissions so that they can sell more carbon credits in the international market

and thereby increase their profits. Thus, the system keeps on de-polluting the environment

increasingly.

3.3 Carbon offset:

The World Resources Institute defines a carbon offset as "a unit of carbon dioxide-equivalent

(CO2e) that is reduced, avoided, or sequestered to compensate for emissions occurring

elsewhere"

The Collins English Dictionary defines a carbon offset as "a compensatory measure made by

an individual or company for carbon emissions, usually through sponsoring activities or

projects which increase carbon dioxide absorption, such as tree planting".

The Environment Protection Authority of Victoria (Australia) defines a carbon offset as: "a

monetary investment in a project or activity elsewhere that abates greenhouse gas (GHG)

emissions or sequesters carbon from the atmosphere that is used to compensate for GHG

emissions from your own activities. Offsets can be bought by a business or individual in the

voluntary market (or within a trading scheme), a carbon offset usually represents one tone of

CO2-e".

A carbon offset is a reduction in emissions of carbon dioxide or greenhouse gases made in

order to compensate for or to offset an emission made elsewhere.

Carbon offsets are measured in metric tons of carbon dioxide-equivalent (CO2e) and may

represent six primary categories of greenhouse gases; carbon dioxide (CO2), methane (CH4),

nitrous oxide (N2O), per-fluorocarbons (PFCs), hydro-fluorocarbons (HFCs), and sulfur

hexafluoride (SF6). One carbon offset represents the reduction of one metric ton of carbon

dioxide or its equivalent in other greenhouse gases.

Carbon offsets have several common features:

o Vintage: The vintage is the year in which the carbon reduction takes place.[19]

o Source: The source refers to the project or technology used in offsetting the carbon

emissions. Projects can include land-use, methane, biomass, renewable energy and

industrial energy efficiency. Projects may also have secondary benefits (co-benefits).

o Certification regime: The certification regime describes the systems and procedures

that are used to certify and register carbon offsets. Different methodologies are used

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for measuring and verifying emissions reductions, depending on project type, size and

location.

There are two markets for carbon offsets. In the larger, compliance market, companies,

governments, or other entities buy carbon offsets in order to comply with caps on the total

amount of carbon dioxide they are allowed to emit.

In the much smaller, voluntary market, individuals, companies, or governments purchase

carbon offsets to mitigate their own greenhouse gas emissions from transportation, electricity

use, and other sources.

Offsets are typically achieved through financial support of projects that reduce the emission

of greenhouse gases in the short- or long-term. The most common project type is renewable

energy, such as wind farms, biomass energy, or hydroelectric dams. Others include energy

efficiency projects, the destruction of industrial pollutants or agricultural byproducts,

destruction of landfill methane, and forestry projects. Some of the most popular carbon offset

projects from a corporate perspective are energy efficiency and wind turbine projects.

3.3.1 Carbon offset markets:

o Global market:

In 2009, 8.2 billion metric tons of carbon dioxide equivalent changed hands worldwide,

up 68 per cent from 2008, according to the study by carbon-market research firm Point

Carbon, of Washington and Oslo. But at EUR94 billion, or about $135 billion, the

market's value was nearly unchanged compared with 2008, with world carbon prices

averaging EUR11.40 a ton, down about 40 per cent from the previous year, according to

the study. The World Bank's "State and Trends of the Carbon Market 2010" put the

overall value of the market at $144 billion, but found that a significant part of this figure

resulted from manipulation of a VAT loophole.

90% of offset volumes were contracted by the private sector – where corporate social

responsibility and industry leadership were primary motivations for offset purchases.

Offset buyers’ desire to positively impact the climate resilience of their supply chain or

sphere of influence was evident in our data which identifies a strong relationship

between buyers’ business sectors and the project categories from which they contract

offsets.

o E.U. market:

The global carbon market is dominated by the European Union, where companies that

emit greenhouse gases are required to cut their emissions or buy pollution allowances or

carbon credits from the market, under the European Union Emission Trading Scheme

(EU ETS). Europe, which has seen volatile carbon prices due to fluctuations in energy

prices and supply and demand, will continue to dominate the global carbon market for

another few years, as the U.S. and China—the world's top polluters—have yet to

establish mandatory emission-reduction policies.

o U.S. market:

On the whole, the U.S. market remains primarily a voluntary market, but multiple cap

and trade regimes are either fully implemented or near-imminent at the regional level.

The first mandatory, market-based cap-and-trade program to cut CO2 in the U.S., called

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the Regional Greenhouse Gas Initiative (RGGI), kicked into gear in Northeastern states

in 2009, growing nearly tenfold to $2.5 billion, according to Point Carbon. Western

Climate Initiative (WCI)—a regional cap-and-trade program including seven western

states (California notably among them) and four Canadian provinces—has established a

regional target for reducing heat-trapping emissions of 15 percent below 2005 levels by

2020. A component of California's own Global Warming Solutions Act of 2006, kicked

off in early 2013, requires high-emissions industries to purchase carbon credits to cover

emissions in excess of 25,000 CO2 metric tons.

o Voluntary market:

A wide range of participants are involved in the voluntary market, including providers of

different types of offsets, developers of quality assurance mechanisms, third party

verifiers, and consumers who purchase offsets from domestic or international providers.

Suppliers include for-profit companies, governments, charitable non-governmental

organizations, colleges and universities, and other groups.

According to industry analyst Ecosystem Marketplace, the voluntary markets present the

opportunity for citizen consumer action, as well as an alternative source of carbon

finance and an incubator for carbon market innovation. In their survey of voluntary

markets, data has shown that "Corporate Social Responsibility" and "Public

Relations/Branding" are clearly in first place among motivations for voluntary offset

purchases, with evidence indicating that companies seek to offset emissions "for

goodwill, both of the general public and their investors".

The other main category of buyers on the voluntary markets are those engaged in pre-

compliance and/or trading. Those purchasing offsets for pre-compliance purposes are

doing so with the expectation, or as a hedge against the possibility, of future mandatory

cap and trade regulations. As a mandatory cap would sharply increase the price of

offsets, firms—especially those with large carbon footprints and the corresponding

financial exposure to regulation—make the decision to acquire offsets in advance at

what are expected to be lower prices.

Multiple players in the retail market have offerings that enable consumers and

businesses to calculate their carbon footprint, most commonly through a web-based

interface including a calculator or questionnaire, and sell them offsets in the amount of

that footprint. In addition many companies selling products and services, especially

carbon-intensive ones such as airline travel, offer options to bundle a proportional

offsetting amount of carbon credits with each transaction.

3.3.2 Sources of carbon offsets:

The CDM identifies over 200 types of projects suitable for generating carbon offsets, which

are grouped into broad categories. These project types include renewable energy, methane

abatement, energy efficiency, reforestation and fuel switching.

o Renewable energy:

Renewable energy offsets commonly include wind power, solar power, hydroelectric

power and biofuel. Some of these offsets are used to reduce the cost differential between

renewable and conventional energy production, increasing the commercial viability of a

choice to use renewable energy sources.

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Renewable Energy Credits (RECs) are also sometimes treated as carbon offsets, although

the concepts are distinct. Whereas a carbon offset represents a reduction in greenhouse

gas emissions, a REC represents a quantity of energy produced from renewable sources.

o Methane collection and combustion:

Some offset projects consist of the combustion or containment of methane generated by

farm animals, landfills or other industrial waste. Methane has a global warming potential

(GWP) 23 times that of CO2; when combusted, each molecule of methane is converted to

one molecule of CO2, thus reducing the global warming effect by 96%.

o Energy efficiency:

While carbon offsets that fund renewable energy projects help lower the carbon intensity

of energy supply, energy conservation projects seek to reduce the overall demand for

energy. Carbon offsets in this category fund projects of several types:

Cogeneration plants generate both electricity and heat from the same power source, thus

improving upon the energy efficiency of most power plants, which waste the energy

generated as heat.

Fuel efficiency projects replace a combustion device with one using less fuel per unit of

energy provided. Assuming energy demand does not change, this reduces the carbon

dioxide emitted.

Energy-efficient buildings reduce the amount of energy wasted in buildings through

efficient heating, cooling or lighting systems. In particular, the replacement of

incandescent light bulbs with compact fluorescent lamps can have a drastic effect on

energy consumption. New buildings can also be constructed using less carbon-intensive

input materials.

o Destruction of industrial pollutants:

Industrial pollutants such as hydrofluorocarbons (HFCs) and perfluorocarbons (PFCs)

have a GWP many thousands of times greater than carbon dioxide by volume. Because

these pollutants are easily captured and destroyed at their source, they present a large and

low-cost source of carbon offsets. As a category, HFCs, PFCs, and N2O reductions

represent 71% of offsets issued under the CDM.

o Land use, land-use change and forestry:

Land use, land-use change and forestry (LULUCF) projects focus on natural carbon sinks

such as forests and soil. Deforestation, particularly in Brazil, Indonesia and parts of

Africa, account for about 20 per cent of greenhouse gas emissions. Deforestation can be

avoided either by paying directly for forest preservation, or by using offset funds to

provide substitutes for forest-based products. There is a class of mechanisms referred to

as REDD schemes (Reducing emissions from deforestation and forest degradation),

which may be included in a post-Kyoto agreement. REDD credits provide carbon offsets

for the protection of forests, and provide a possible mechanism to allow funding from

developed nations to assist in the protection of native forests in developing nations.

Almost half of the world's people burn wood (or fiber or dung) for their cooking and

heating needs.[citation needed] Fuel-efficient cook stoves can reduce fuel wood

consumption by 30% to 50%, though the warming of the earth due to decreases in

particulate matter (i.e. smoke) from such fuel-efficient stoves has not been addressed.

Once it has been accredited by the UNFCCC a carbon offset project can be used as

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carbon credit and linked with official emission trading schemes, such as the European

Union Emission Trading Scheme or Kyoto Protocol, as Certified Emission Reductions.

European emission allowances for the 2008–2012 second phase were selling for between

21 and 24 Euros per metric ton of CO2 as of July 2007.

o Carbon retirement:

Carbon retirement involves retiring allowances from emission trading schemes as a

method for offsetting carbon emissions. Under schemes such as the European Union

Emission Trading Scheme, EU Emission Allowances (EUAs), which represent the right

to release carbon dioxide into the atmosphere, are issued to all the largest polluters. The

theory is that by buying these allowances and permanently removing them, the price of

EUAs increases and provides an incentive for industrial companies to reduce their

emissions.

3.4 Carbon Credit:

The Collins English Dictionary defines a carbon credit as “a certificate showing that a

government or company has paid to have a certain amount of carbon dioxide removed from

the environment”. The Environment Protection Authority of Victoria defines a carbon credit

as a “generic term to assign a value to a reduction or offset of greenhouse gas emissions.

Usually equivalent to one tone of carbon dioxide equivalent (CO2-e).”

Carbon credits certify the removal of greenhouse gas from the air or the prevention of

greenhouse gas emissions. Each carbon credit is associated with a single tone of carbon

dioxide. There are many different kinds of carbon credits.

There are two main markets for carbon credits; Compliance Market credits Secondary /

Verified Market credits (VERs).

3.4.1 Credits versus taxes:

Carbon credits create a market for reducing greenhouse emissions by giving a monetary

value to the cost of polluting the air. Emissions become an internal cost of doing business and

are visible on the balance sheet alongside raw materials and other liabilities or assets.

Credits were chosen by the signatories to the Kyoto Protocol as an alternative to Carbon

taxes. A criticism of tax-raising schemes is that they are frequently not hypothecated, and so

some or all of the taxation raised by a government would be applied based on what the

particular nation's government deems most fitting. However, some would argue that carbon

trading is based around creating a lucrative artificial market, and, handled by free market

enterprises as it is, carbon trading is not necessarily a focused or easily regulated solution.

3.4.2 Creating carbon credits:

The principle of Supplementary within the Kyoto Protocol means that internal abatement of

emissions should take precedence before a country buys in carbon credits. However it also

established the Clean Development Mechanism as a Flexible Mechanism by which capped

entities could develop measurable and permanent emissions reductions voluntarily in sectors

outside the cap. Many criticisms of carbon credits stem from the fact that establishing that an

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emission of CO2-equivalent greenhouse gas has truly been reduced involves a complex

process. This process has evolved as the concept of a carbon project has been refined over the

past 10 years.

The first step in determining whether or not a carbon project has legitimately led to the

reduction of measurable and permanent emissions is understanding the CDM methodology

process. This is the process by which project sponsors submit, through a Designated

Operational Entity (DOE), their concepts for emissions reduction creation. The CDM

Executive Board, with the CDM Methodology Panel and their expert advisors, review each

project and decide how and if they do indeed result in reductions that are additional.

3.1 How to create Carbon Credit

Coding and Analysis of Data

Page | 19

4.1 Research Methodology:

4.1.1 Skewness: Skewness is indicator used in distribution analysis as a sign of asymmetry

and deviation from a normal distribution if skewness is greater than zero it is a right skewed

distribution which concentrates on left of the mean with extreme values to the right, if

skewness is less than zero it is left skewed distribution which concentrates on right of the

mean with extreme values to the left, if skewness is zero it is symmetric.

4.1.2 Kurtosis: it is an indicator used in distribution analysis as a sign of flattering or

peakedness of a distribution, for kutosis 3 is a base value, if kurtosis is greater than 3 it is

lepto kurtic distribution sharper than the normal distribution, if kurtosis is less than 3 it is

platy kurtic distribution flatter than the normal distribution, kurtosis is equal to 3 it is meso

kurtic distribution it means it is normal distribution.

4.1.3 Correlation: A correlation study is a research writing that attempts to relate an event to

another events or sets of causality which precipitate the event.

Table No.: 4.1 Correlation Slabs

0 -0.3 Slightly Correlated

0.3-0.7 Moderately Correlated

0.7-1 Strongly Correlated

4.1.4 Regression: A statistical measure that attempts to determine the strength of the

relationship between one dependent variable (usually denoted by) and the series of other

changing variable (known as independent variable).

Y= a + b*x; a= the intercept; b= the slope; x= the variable that are using to predict y; y= the

variable that are trying to predict;

4.2 Empirical Analysis:

In this analysis we have dealt with correlation, skewness, regression, kurtosis, mean and

median for below criteria’s:

o CARBONEX and GREENEX

o CARBONEX and MSCI

o CARBONEX and Total Carbon Dioxide Emissions

o CARBONEX and IIP

o Carbon credit and Gold Futures

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4.3 Data Analysis and Interpretation:

4.3.1 Factors:

o CARBONEX: Launched in November 2012, the S&P BSE CARBONEX is designed to

provide a cost effective way for equity investors to manage the risks associated with

climate change over the long term, by identifying key climate change exposure,

sensitivity and responsiveness factors. The UK Foreign & Commonwealth Office,

through its Prosperity Fund and British High commission in India, contributed to the cost

of development up to the launch of the index.

S&P BSE CARBONEX, the first of its kind index in India that takes a strategic view of

organizational commitment to climate change mitigation. S&P BSE CARBONEX is a

world class index that holistically incorporates strategies, disclosures, performance and

action in areas of carbon emission to create a comprehensive benchmark that identifies a

company’s commitment to mitigate risks arising from climate change. The awareness of

climate change due to emission of greenhouses gases in the corporate world and their

initiatives to offset its adverse effects are going to be considered as one of the greatest

and widest ranging market parameter which will be factored progressively in stock

pricing in the years to come by the modern day efficient markets.

The index is based on the S&P BSE 100, with the constituent weights modified in

accordance with the companies’ relative carbon performance as measured by the level of

their greenhouse gas (GHG) emissions and carbon policies. Each stock in the index is

weighted based on its carbon adjusted float market capitalization, which is calculated

based on the Carbon Performance Scores and Industry Tilt Factors provided by the

Knowledge Partner - RobecoSAM, a specialist in sustainability investing.

o GREENEX: The BSE Greenex is the first step in creating a credible market-based

response mechanism here, where both business houses and investors can rely on purely

quantitative and objective performance-based signals to assess 'carbon performance'. The

S&P BSE-GREENEX Index includes the top 25 companies which are good in terms of

Carbon Emissions, Free-Float Market Capitalization and Turnover. BSE considers the

company's initiative to offset the carbon emissions; the offset limit being set to 2/3rd of

the company's total emissions. The Index is a Cap Weighted Free-Float Market

Capitalization weighted Index comprising from the list of BSE-100 Index. The Index has

been back-tested from 1st October, 2008 (Base Date) with the base index value of 1000.

The Index is rebalanced on a bi-annual basis i.e. end of March and September quarters.

The September quarter review will be based on the fresh set of carbon emission numbers

and the March quarter review will be based on the existing carbon emission numbers but

latest financial data.

o MSCI: The MSCI Global Equity Indexes are widely tracked global equity benchmarks

and serve as the basis for over 650 exchanged traded funds throughout the world. The

indexes provide exhaustive equity market coverage for over 75 countries in the

Developed, Emerging and Frontier Markets, applying a consistent index construction and

maintenance methodology. This methodology allows for meaningful global views and

Page | 21

cross regional comparisons across all market capitalization size, sector and style segments

and combinations. The MSCI India Index is a free-float adjusted market capitalization

weighted index that is designed to track the equity market performance of Indian

securities listed on the National Stock Exchange and the Bombay Stock Exchange. The

MSCI India Total Return Index takes into account both the price performance and the

income from dividend payments, while the MSCI India Price Return Index only takes

into account the price performance. The MSCI India Index is constructed based on the

MSCI Global Investable Market Indexes Methodology, targeting a free-float market

capitalization coverage of 85%. The index has a base date of December 31, 1992.

o IIP: The Index of Industrial Production (IIP) is an index for India which details out the

growth of various sectors in an economy such as mining, electricity and manufacturing.

The all India IIP is a composite indicator that measures the short-term changes in the

volume of production of a basket of industrial products during a given period with respect

to that in a chosen base period. It is compiled and published monthly by the Central

Statistical Organization (CSO) six weeks after the reference month ends.

The level of the Index of Industrial Production (IIP) is an abstract number, the magnitude

of which represents the status of production in the industrial sector for a given period of

time as compared to a reference period of time. The base year was at one time fixed at

1993-94 so that year was assigned an index level of 100. Now the base year is 2004-2005.

4.3.2 Data Analysis:

4.3.2.1 Average Value Table:

Table No.: 4.2 Average Value Table

Year CARBONEX GREENEX MSCI Total Carbon

Dioxide Emissions

Gold

Futures

IIP

2008 - 746.4259 565.179 1,448.99 870.983 141.7

2009 - 1129.775 551.422 1,642.93 974.149 145.2

2010 999.587 1546.498 734.008 1,714.73 1227.502 152.9

2011 873.287 1463.257 694.341 1,752.68 1572.136 165.5

2012 879.520 1454.751 697.189 1,830.94 1669.157 170.3

2013 958.513 1587.336 766.838 - 1407.266 172.2

2014 1200.311 2013.053 939.223 - 1264.065 173.8

The above table describes, the impacts on each other. CARBONEX, GREENEX, MSCI,

Total Carbon Dioxide Emissions, Gold Futures, IIP

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4.3.2.2 Correlation Table:

Table No.: 4.3 Correlation Table

CARBONEX GREENEX MSCI Total Carbon

Dioxide

Emissions

Gold

Futures

IIP

CARBONEX 1

GREENEX 0.971856315 1

MSCI 0.967458563 0.93751434 1

Total Carbon

Dioxide

Emissions

-0.721336059 0.92239172 0.75056384 1

Gold Futures -0.777715876 0.56865181 0.43634567 0.89790453 1

IIP 0.208981783 0.83472489 0.80398737 0.89077398 0.8182

44708

1

In the above table the relationship between CARBONEX & GREENEX is highly positive

correlated. The relationship between CARBONEX & MSCI is also highly positive

correlated. The relationship between CARBONEX & Total Carbon Dioxide Emissions is

moderately negative correlated. Gold Futures are also moderately negative correlated with

CARBONEX. The Index of Industrial Production (IIP) is slightly positive correlated with

CARBONEX.

4.3.2.3 SKEW Table:

Table No.: 4.4 SKEW Table

CARBONEX GREENEX MSCI Total Carbon

Dioxide

Emissions

Gold

Futures

IIP

CARBONEX 0

GREENEX 0.630176 0

MSCI 0.369875 0.695724 0

Total Carbon

Dioxide

Emissions

0.03217 -1.12618 0.364665 0

Gold Futures 0.683274 -0.10316 0.613446 -0.7051 0

IIP 0.516357 0.42024 0.305645 0.428907 0.32696 0

The above table describes the relationship between CARBONEX & GREENEX is right

skewed because the value is <1, so it is symmetric. The relationship between CARBONEX &

MSCI is right skewed. The relationship between CARBONEX & Total Carbon Dioxide

Emissions is right skewed. The relationship between IIP and CARBONEX is right skewed.

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4.3.2.4 KURT Table:

Table No.: 4.5 KURT Table

CARBONEX GREENEX MSCI Total Carbon

Dioxide

Emissions

Gold

Futures

IIP

CARBONEX 3

GREENEX -0.2122 3

MSCI -0.07553 -0.75037 3

Total Carbon

Dioxide

Emissions

-2.03897 1.982188 -1.9466 3

Gold Futures -0.76941 -0.08102 -0.91114 -0.53545 3

IIP -1.85381 -1.64087 -1.72315 -2.15342 -1.79978 3

The above table describes the value of CARBONEX & GREENEX is <3, it is less than the

normal distribution. So it is platykurtic distribution. So GREENEX is affecting CARBONEX.

The value of CARBONEX & MSCI is <3, it is less than the normal distribution. So it is

platykurtic distribution. So MSCI is affecting CARBONEX. The value of CARBONEX &

Total Carbon Dioxide Emissions is <3, it is less than the normal distribution. So it is

platykurtic distribution. So Total Carbon Dioxide Emissions is affecting CARBONEX. The

value of CARBONEX & Gold Futures is <3, it is less than the normal distribution. So it is

platykurtic distribution. So Gold Futures is affecting CARBONEX. The value of CARBONEX

& IIP is <3, it is less than the normal distribution. So it is platykurtic distribution. So IIP is

affecting CARBONEX.

Conclusion

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5.1 Summary and findings:

After analyzing the various factors related to carbon credit it is clearly seen that

o Factors influencing the CARBONEX are GREENEX, MSCI, Total Carbon Dioxide

Emissions, and IIP.

o Factors influencing the GREENEX are MSCI, Total Carbon Dioxide Emissions, IIP, and

Gold Futures.

o Factors influencing the IIP are GREENEX, MSCI, Total Carbon Dioxide Emissions, and

Gold Futures.

o Factors influencing the Gold Futures are Total Carbon Dioxide Emissions, GREENEX,

MSCI, and IIP.

5.2 Conclusion:

In this study the selected period for the analysis is 2008-2014. This research is done to

analyze the impact of GREENEX, MSCI, Total Carbon Dioxide Emissions, and IIP on

CARBONEX. Skewness and kurtosis analysis shows that CARBONEX mainly influence by

GREENEX, MSCI, Total Carbon Dioxide Emissions, and IIP.

5.3 Scope for further work:

There are some economic factors like oil and gas, power and population are influencing the

factors before taking a decision to enter this segment. There are also alternative energy

indices agigl, agxl, solarx impact has been observed on Greenex, which need to study. Hence

there is a further scope to do research and to prove the analysis on Greenex in the area of how

industrialization growth and automobile sector effecting Greenex in India. Except these there

are also scope for the further research to analyze the various economic factors which

influence the carbon emission values.

Recommendations

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6.1 Recommendations:

To create awareness among the citizen on how to reduce the carbon emission or to save the

ecological system

1. There is need to improve the regulatory system the Kyoto protocol to the UNFCCC to

reduce the emission of greenhouse gases.

2. In India only industries are utilizing the carbon credit revenues whereas other sectors are

not utilizing the carbon credit market to make revenues. I suggest government should take

proactive steps to include the other sectors like deforestation, agriculture, natural resource

mining, and household Emission.

3. There is a need to adopt the ultra-modern technologies through which industries can

reduce carbon emission without compromising on their growth.

4. Regulation and exchange need to create awareness about the carbon credits to the

investor’s fraternity. India is gaining 32% shares on carbon emission in the world, but the

Indian investors (equity) are not aware about the carbon trading system.

5. In carbon credit $ 4 billion worth of market .In the coming global years it is expected to

touch $ 100 billion. So there is a wide scope for the investment to create the wealth.

Bibliography &

References

Page | 29

7.1 Journals:

John StephensonDIANE Publishing, 2010

Ricardo Bayon, Nathaniel Carroll, Jessica FoxCRC Press, 23-Apr-2012

Karen SirvaitisTwenty-First Century Books, 01-Aug-2009

David Freestone, Charlotte Streck Oxford University Press, 01-Oct-2009

Nicolee DixonQueensland Parliamentary Library, 2001

Norman J. Rosenberg, Roberto C. IzaurraldeSpringer, 31-Oct-2001

Ricardo Bayon, Amanda Hawn, Katherine HamiltonEarthscan, 2009 - Business &

Economics

Kevin F. Noon, Ph.D., Judith A. WardSquare One Publishers, Inc., 2006 - Business &

Economics

Kenneth M. Chomitz, Franck LecocqWorld Bank Publications, 2003 - Air

Andre DuPontAndre DuPont, 2009 - Technology & Engineering

Bhatia,Jatinder.S. and Harsh Bhargava.2006.'Global Warming and Clean Development

Mechanism Projects: State and Trends in India', The ICFAI Journal of Environmental

Economics,4(3):71-81.

Kalpagam.U and Karimullah.2007.'Indian Business Prospects in the Global Emissions

Market',Global Business Review,8(2):237-249.

Chakraborty, Debrupa.2006.'Perspectives of Climate Change Policies in Business Decision

making ', The ICFAI Journal of Environmental Economics, 4(4):7-18.

Bhatia,Jatinder.S. and Harsh Bhargava.2006.'An Insight into Carbon Trading:Understanding

the Behaviour of Emissions Market with a Financial Perspective',The ICFAI Journal of

Applied Finance,12(11):59-69.

http://wbcarbonfinance.org/docs/Banks_experience_in_contracting_emission_

reductions.pdf

The international agreement established under the United Nations to reduce global

concentrations of GHGs. See introduction and next section of report entitled “Mechanisms”

beginning on Page 4.

http://wbcarbonfinance.org/docs/Role_of_the_WorkBank.pdf Page 1

http://unfccc.int/parties_and_observers/items/2704.php Dr. Namita Rajput & Ms. Parul

Chopra 950

“World Bank: Climate Profiteer,” by Janet Redman, Institute for Policy Studies, April 2008.

http://unfccc.int/essential_background/kyoto_protocol/items/1678.php

http://unfccc.int/kyoto_protocol/items/3145.php

“A Realistic Policy on International Carbon Offsets” by Michael W. Wara and David G.

Victor Working Paper #74April 2008, Page 8.

http://www.brettonwoodsproject.org/art-563032 and

http://timesofindia.indiatimes.com/Earth/Global_Warming/

India_refuses_World_Bank_aid_to_fight_climate_change/articleshow/3578549.cms.

Page | 30

7.2 Websites:

www.nse.com

www.bse.com

www.carbonfinance.com

www.savetheplanet.com

www.angelbroking.com

www.yahoo.finance.com

www.lse.com

www.tradingeconomics.com/

www.google.co.in/inflation

www.Finance.yahoo.com

www.mydigitalfc.com/moneyrates

en.wikipedia.org

www.moneycontrol.com

articles.economictimes.indiatimes.com

www.msci.com

stats.oecd.org

www.imf.org

http://ourworldindata.org/

http://cdiac.ornl.gov/

http://www.globalcarbonproject.org/

http://www.livescience.com/

http://www.futureearth.org/

http://www.ucsusa.org/

http://mospi.nic.in/

http://www.indiastat.com/

http://www.arthapedia.in/

http://planningcommission.nic.in/

http://www.indexmundi.com/

http://www.investing.com/

https://data.gov.in/

http://dbie.rbi.org.in/