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India’s own Carbon Market
September 22 , 2024
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- The market will be created once the Carbon Credit Trading Scheme (CCTS), notified in June 2023, comes in force.
- As per the Bureau of Energy Efficiency (BEE), CCTS will likely take effect by 2026.
- CCTS is a market-based mechanism to reduce or limit emissions.
- Its genesis lies in India’s commitment to meet its Nationally Determined Contributions - emissions reduction target for 2030 committed under the Paris Agreement of 2016.
- One of India’s targets is to reduce the “emissions intensity of its GDP by 45 per cent from 2005 levels by 2030”.
- In 2021, India also declared the target of becoming a net-zero emitter by 2070.
- The Carbon Border Adjustment Mechanism (CBAM) is a tariff to be imposed by the European Union from 2026.
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