Journal Press India^®

Author Details ( * ) denotes Corresponding author

India ratified the United Nations Framework Convention on Climate Change (UNFCCC) in November, 1993 and is a non-Annex party to the UNFCCC. Accordingly, as a Non Annex Party, India is not liable to legally reduce its Greenhouse gases under the convention. However India has taken a responsible stance towards Global warming and Climate change. Recent measures and developments at the governmental front and initiatives undertaken by the private sector have paved the way for sustainable development. The present paper studies the recent financial and market based mechanisms and the underlying policy environment for low carbon development in India undertaken by Indian government and the Indian corporate sector. The various policy mechanisms initiated include the Coal Cess, Carbon tax, Issuance of Masala bonds and Subsidies on solar enabled appliances. The Indian corporate sector has attracted commendable admiration by the Global leaders owing to the integration of sustainability into business activities. The issuance of Green bonds, voluntary GHG emissions disclosure in the Carbon Disclosure Project Report and establishment of Greenex are the various recent sustainable steps taken by industry leaders to fight global warming. ​

Keywords

Green bonds, Greenex, Coal Cess, Carbon Tax, Masala bonds

1. Accenture Strategy. (2015). CDP Climate Change Report, India Edition. Accessed online at: https://www.cdp.net/CDPResults/CDP-India-climate-change-report-2015.pdf
2. Brunnermeier., Smita. & Cohen. (2003). Determinants of environmental innovations in US manufacturing industries. Journal of Environmental Economics and Management. 45: 278-293.
3. Government of India (2014). Planning Commission. The Final Report of the Expert Group on Low Carbon Strategies for Inclusive Growth. (Accessed online at: http://planningcommission.nic.in/reports/genrep/rep_carbon2005.pdf)
4. Government of India. (2014-15). Economic Survey of India. 2014-2015, Vol 1.
5. Morgan Stanley, Institute for Sustainable investing. (2015). Sustainable Signals, The individual investor perspective. Accessed online at:
6. https://www.morganstanley.com/sustainableinvesting/pdf/Sustainable_Signals.pdf
7. United Nations. (1992). United Nations Convention on Climate Change. As per the draft negotiating text for COP 21. Accessed online at:
8. (http://unfccc.int/resource/docs/2014/cop20/eng/10a01.pdf#page=2).
9. World Businesss Council for Sustainable Investment. (2010). Vision 2050: The New Agenda for Business.