ABSTRACT
A s A Consequence Of The Flexibility Mechanisms proposed by the Kyoto Protocol, incentive-based policies such as emissions trading and the clean development mechanism (CDM) are being widely discussed in the context of greenhouse gas (GHG) abatement. Whether developing countries such as India will ratify the Protocol or not and whether they will eventually take part in a global emissions trading system is something that will become clear only as time passes. It is clear, however, that in either case these countries will be affected by any global architecture for GHG abatement that emerges.
