Climate change, like global warming is a burning issue nowadays. Global warming is an increase in the earth's atmospheric and oceanic temperature due to an increase in the greenhouse effect resulting especially from pollution. Greenhouse gases like chlorofluorocarbons, carbon dioxide and methane absorb heat from the sun and increase the temperature of the earth. Scientists term global warming a serious issue because it can create problems for mankind in the future.
Global warming affects all kinds of species on the earth. Scientists believe that global warming is caused by many anthropogenic factors such as deforestation, emission of greenhouse gases by industries, burning of fuels etc. This emerging threat compelled the international community and the UN to adopt new rules to protect the earth. One of the rules is Kyoto Protocol. The Kyoto Protocol is an international system of rules which were passed by the UN in 1997 to minimize the global warming by reducing the emission of the greenhouse gases. After many years, this pact came into effect on 16 February 2005.The Kyoto Protocol was signed by 156 countries categorized as Annex 1(developed countries) and Non- Annex 1 (developing countries) parties. The core objective of this pact lies in Article 3 of Kyoto protocol. Article 3 says that every member country should reduce the emission of overall greenhouse gases by 5.2 percent below the 1990 level, in the first commitment period i.e. 2008-2012. (UNFCCC)
There are three mechanisms to implement Kyoto protocol: (A) Trade in permits to emit greenhouse gases. (B) Joint implementation mechanism. (C) Clean development mechanism. This paper will particularly discuss the negative effects of Clean Development Mechanism projects on developing countries such as India, Venezuela and North America as spurious.