India has emerged as the second largest seller of carbon credits in the global market with six per cent share in 2007, while China tops the list with a huge 73%, a World Bank report said.
"India and Brazil, at 6% market share each, transacted the highest volumes after China in 2007," said the report 'State and trends of the carbon market 2008'. Certified emission reduction (CER), that are traded on the global climate exchanges, are carbon credits issued by the Clean Development Mechanism (CDM) Executive Board for emission reductions achieved by CDM projects and verified under the rules of the Kyoto Protocol.
Pointing out that high price expectation for CERs in India and Brazil is hindering growth, the report said the sellers in these two nations favour sale of already issued CERs in the range of £ 15-16.50 per CER instead of selling forward CER streams.
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