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Carbon credit trading & tax

The need for a reduction in carbon emissions was debated at the United Nations Conference on Environment & Development (The Earth Summit) in Rio de Janeiro in 1992, resulting in the adoption of United Nations Framework Convention on Climate Change (UNFCCC), an international treaty on environment. The Kyoto Protocol, 1998, was adopted by the parties to the UNFCCC with the objective of achieving quantified emission limitations through specific policies and measures to minimising the adverse effects of climate change.

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