New Delhi: A severe winter in Europe this year will mean business worth millions of dolars for Indian companies. Surprised? Welcome to the global trade in carbon credits. Here’s how it works. If Europe faces a severe winter, the oil and gas it will consume for heating is bound to rise. If the energy consumption goes up, so will greenhouse gas emissions. And with European countries having fixed targets for emis-sions under the UN-mandated Kyoto Protocol, they would have to buy more carbon credits from developing countries to offset the increased emissions. For carbon traders in India, the stakes are high. India is the global market leader having already generated 29 million carbon credits and has another 139 million in the pipeline for sale. With each credit currently selling for 10-17 euros, carbon traders in the country are praying for the cold to settle over Europe so that they get a bigger portion of the global carbon pie for their clients. These carbon traders work for myriad projects among steel and cement manufacturers, hostels, hydroelectric stations and even temples. India, along with China, is one of the largest suppliers of carbon credits in the world. ‘‘A chill in Europe will heat up the Indian carbon market. The prices should, see a short-term rise,’’ said Ram Babu, managing director of CantorCO2e India Private Limited, one of the biggest multinational players in India’s carbon market. ‘‘It’s a simple principle of demand and supply. If their demand goes up, there is bound to be a short-term spike in prices,’’ he added.