India has established herself as the most encouraging host party in the carbon market, with the largest global share in registered CDM projects at UNFCCC Amrita Ganguly Ajeya Bandyopadhyay & Subrata Ray Population growth, accelerating consumption demand and rapid industrialisation are leading to all round concern about the cataclysmic effects of environmental destabilization due to excessive interference caused to nature by mankind. At present, 'Climate' and 'Environment' are dominating significantly across a gamut of discussions at corporate level as well as at the stages of national policy design, planning and implementation. Altogether, there has been a renewed emphasis on environment protection and regeneration. Climate and environmental issues have assumed an important dimension in the broader deliberation on resource conservation, national growth plan, societal development and the long term sustainability of business, which entails optimization of triple bottom line impact on society. 'Climate change' is the most threatening economic challenge the world is facing - the economic cost of climate change is huge, onservative estimates suggest between 0 and 3% of global GDP annually by the time that earth's temperature has risen by 2-3