ABSTRACT
Like remittance, we have defined Climattance as an ecological economic measure reflecting the amount of money which accrues out of climate regulation by relevant terrestrial and aquatic ecosystems. Under the circumstances, it is important to note that secret of environmental management lies in land-use-management, which not only includes terrestrial, but also aquatic ecosystems. These ecosystems like coastal, marine, coral reefs, wetlands, woodlands, grasslands and forests have the largest roles to play in terms of climate regulation. It would be worthwhile to look at the climate-economics and economic evaluation of ecosystem services. There are a total of 88 countries who intend to apply carbon tax mechanism so as to achieve their Paris Agreement goals. On a similar line if India intends to impose carbon tax and distribute the benefits to different states so that they can refund to their individual citizens, an appropriate mechanism for doing this would have to be evolved.
