INDIA IS on the verge of creating a carbon market. The move will set emissions targets for emitters and allow overachievers to sell their excess emission cuts, while underachievers will have to purchase them to meet their goals. The market will be created once the Carbon Credit Trading Scheme (CCTs), notified in June 2023, comes in force.
In August 2024, the Bureau of Energy Efficiency (BEE), which will implement CCTS, released the scheme's compliance procedure (see 'Evolution of...'). But emission targets, which will determine CCTS' effectiveness, are yet to be announced. BEE officials say CCTS will likely take effect by 2026.
Simply put, 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. These global commitments and the increasing impacts of climate change on India generated a need to limit emissions, leading to the government to launch new policies and instruments. CCTS is one such instrument.
The Carbon Border Adjustment Mechanism (CBAM), a tariff to be imposed by the European Union from 2026 (under which the bloc will put an additional price on imported products on the basis of greenhouse gases emitted in manufacturing them) and the development of carbon markets by developing countries like China and Indonesia, have also likely driven India towards CCTS. The challenge, however, is to ensure that the scheme fulfils its purpose of reducing emissions. Here's how the CCTS will work.
INDIAN CARBON MARKET
Esta historia es de la edición September 16, 2024 de Down To Earth.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición September 16, 2024 de Down To Earth.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
In leading role again
MOVIES AND WEB SERIES ARE ONCE AGAIN BEING SET IN RUSTIC BACKGROUNDS, INDICATING A RECONNECT BETWEEN CINEMA AND THE COUNTRYSIDE
One Nation One Subscription comes at a huge cost
As top US universities scrap big deals with top scientific publishers, India’s ONOS scheme seems flawed and outdated
Return of Rambhog
Bid to revive and sell the aromatic indigenous paddy variety has led to substantial profits for farmers in Uttar Pradesh's Terai region
Scarred by mining
Natural springs of Kashmir drying up due to illegal riverbed mining
Human-to-human spread a mutation away
CANADA IN mid-November confirmed its first human case of avian influenza, with a teenager in the British Columbia being hospitalised after contracting the H5N1 virus that causes the disease. The patient developed a severe form of the disease, also called bird flu, and had respiratory issues. There was no known cause of transmission.
True rehabilitation
Residents of Madhya Pradesh's Kakdi village take relocation as an opportunity to undertake afforestation, develop sustainable practices
INESCAPABLE THREAT
Chemical pollution is the most underrated and underreported risk of the 21st century that threatens all species and regions
THAT NIGHT, 40 YEARS AGO
Bhopal gas disaster is a tragedy that people continue to face
A JOKE, INDEED
A CONFERENCE OF IRRESPONSIBLE PARTIES THAT CREATED AN OPTICAL ILLUSION TO THE REALITY OF A NEW CLIMATE
THINGS FALL APART
THE WORLD HAS MADE PROGRESS IN MITIGATING EMISSIONS AND ADAPTING TO CLIMATE IMPACTS. BUT THE PROGRESS REMAINS GROSSLY INADEQUATE
