Indian cos big carbon credit hedgers The risk-taking ability of an Indian entrepreneur, coupled with his penchant for maximising returns has resulted in India having the largest number of unsold carbon credits among all carbon markets in the world. According to Green Ventures, India currently has over 46 million unsold carbon credits. This means over 40% of world's unsold CERs (certified emission reductions) or carbon credits are from India. Compared to China's unsold CERs of less than 5%, India's CDM (clean development mechanism) pipeline may look clogged. "By holding back on CERs, Indian entrepreneurs are taking a bullish stand. But, it would be better if they set aside part of the CERs in the forward market," said Vinay Bharathwaj, vice president, Green Ventures India. Over 50% of India's CERs, according to the data, still have no buyers. This, said industry analysts, represents a huge opportunity for carbon buyers. According to Vishal Kedia, head (emerging businesses), Enam Holdings: "I feel that corporates are liquidating their inventory of CERs at this time in the light of the higher prices. A lot of them are willing to take the risk till CERs are created to their account with UNFCCC and are not willing to offer a much discount towards delivery risk or for the sake of hedging prices unless they have any specific needs like raising finance. I think the situation should be different towards the end of this calender year." A lot of Indian enterpreneurs are willing to hold on to the CERs to maximum returns. Moreover, at times, absence of a partner project participant does not create the urgency to liquidate the CERs as long as they have a positive view of the price movement.