Under Kyoto Protocol, developed countries agreed that if their industries cannot reduce carbon emissions in their own countries, they will pay others like India (a signatory to the Protocol) to do it for them and help them meet their promised reduction quotas in the interest of worldwide reduction of GHGs. The ‘currency’ for this trade is called Carbon Emission Reduction (CER). One unit of CER is one tonne equivalent of carbon dioxide emission. United Nations Framework Convention on Climate Change (UNFCCC) registers the project allowing the company to offer CERs produced by the project to a prospective buyer.
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