The study focuses on reducing greenhouse gas emissions through an approach called Carbon Trading under the Kyoto Protocol. This system allows countries with low emissions to trade with high-emitters. By implementing new eco-friendly technologies or assisting developing nations, emissions can be reduced. Carbon Trading takes place at exchanges like the Multi Commodity Exchange (MCX). The paper also suggests incorporating Carbon Taxes alongside Carbon Trading for better environmental protection. While Carbon Trading is beneficial in reducing emissions, combining it with Carbon Taxes enhances environmental safeguarding against greenhouse gases.