July 30, 2007 (LBO) – Global warming is increasingly being recognized as a threat around the world, but the business of carbon trading to reduce global warming could prove a blessing for developing countries. But it is by no means easy money.
Developed countries are seen as the main culprits of global warming due to wide scale industrialization and burning of fossil fuels that spew greenhouse gases into the atmosphere.
Gases like carbon dioxide, methane and other hydrocarbons or greenhouse gases absorb the sun™s radiation, heating up the atmosphere, leading to effects such as erratic climate changes and the melting of polar icecaps.
Developed countries have agreed to pay for damage control projects in developing countries like Sri Lanka that have not yet reached their carbon limit, to offset their own emissions a process called carbon trading.
“It is the industrial countries that have to take the lead,” Mohan Munasinghe, a scientist and an expert on global warming who works for the United Nations Intergovernmental Panel on Climate Change told ETV’s Lanka Business Report.
And they should take the lead in solving it. It is unrealistic to think that Sri Lanka can reduce