There is now a growing consensus among governments that aggressive climate change mitigation is desirable, though they remain bitterly divided about how the associated burden should be shared. India's stand in climate negotiations, like that of most developing countries, has been largely negative. This paper examines the importance of a cap-and-trade mechanism as the keystone of a global mitigation agreement and estimates the cost of abating carbon in power generation in India, if and when carbon capture and sequestration technology becomes available for deployment. It concludes that India should be ready to reconsider its position and negotiate to join a mitigation treaty, say in 2020, if it can secure a fair deal.
