Global Warming:

Global warming is the rise in an average temperature of earth’s atmosphere and oceans. It is primarily caused by increasing concentration of greenhouse gases produce by human activities such as burning of fossil fuel and deforestation.

Climate Change:
India having huge development priorities will be adversely affected by climate change, in terms of availability of fresh water, low ground water recharge, food production, ocean acidification, increased vector born and water borne diseases with impact on human health, agriculture, water resources, natural eco systems, and biodiversity.

Impact on Economy:
1.The Green Economy responds to global economic, social and financial crises by reallocating natural, social and financial capital into creating benefits for economic development, social equity and environmental protection. Reconciliation of short-term versus long-term priorities by adopting resource-efficient and less polluting pathway enable the countries to leapfrog the usual development trajectory avoiding future costs.

2.Most selling carbon credits so far includes renewable energy, energy efficiency measures in several sectors as well as the reduction of industrial gases that contribute to climate change. A carbon credit, licenses the owner to emit one tons of carbon dioxide in year. Carbon credits provides an incentives to reduce greenhouse gases effect emission on an industrial scale and are key components of national and international emissions trading schemes that have been implemented to mitigate global warming.