Media reports suggest that India is planning to launch a carbon credit market for energy, steel and cement as part of its efforts to accelerate the transition to cleaner fuels. The proposed Indian market would be similar to that of China, which introduced a mandatory carbon trading system for all major power plants last year. Report says “Prime Minister Mr Narendra Modi is likely to announce the new trading platform at India's Independence Day celebrations on August 15th. Preparatory work has been going on since March, when consultations with ministries and companies began.”According to media, the carbon market will initially be limited to sectors where it is difficult to reduce emissions, allowing participants to trade in credits received from their reduction. One of the goals is that state-owned energy companies such as Oil & Natural Gas, Indian Oil and NTPC, as well as steel and cement companies could benefit from planned investments in carbon capture projects.World's third largest emitter India announced a plan to achieve zero emissions by 2070 at the COP26 summit in Glasgow. Although this is a decade less than that of neighboring Asian giant China, South Asia's economy is less developed and faces more severe climate challenges. The country expects to cut emissions by 1 billion tonnes by 2030 as a first step towards reaching its goal.
Media reports suggest that India is planning to launch a carbon credit market for energy, steel and cement as part of its efforts to accelerate the transition to cleaner fuels. The proposed Indian market would be similar to that of China, which introduced a mandatory carbon trading system for all major power plants last year. Report says “Prime Minister Mr Narendra Modi is likely to announce the new trading platform at India's Independence Day celebrations on August 15th. Preparatory work has been going on since March, when consultations with ministries and companies began.”According to media, the carbon market will initially be limited to sectors where it is difficult to reduce emissions, allowing participants to trade in credits received from their reduction. One of the goals is that state-owned energy companies such as Oil & Natural Gas, Indian Oil and NTPC, as well as steel and cement companies could benefit from planned investments in carbon capture projects.World's third largest emitter India announced a plan to achieve zero emissions by 2070 at the COP26 summit in Glasgow. Although this is a decade less than that of neighboring Asian giant China, South Asia's economy is less developed and faces more severe climate challenges. The country expects to cut emissions by 1 billion tonnes by 2030 as a first step towards reaching its goal.
