India may announce a new carbon trading regime, covering less than a third of its rapidly multiplying emissions, only in late 2025 or 2026, nearly three years after approval, according to several officials who spoke to Business Standard.
A senior official from a state energy company, who attended a recent meeting with officials from Niti Aayog and the Bureau of Energy Efficiency (BEE), an arm of the power ministry, which is tasked with overseeing the carbon credit trading scheme (CCTS), said that a programme to trade carbon credits will be in place by late 2025; other officials, however, spoke of a date closer to mid-2026.
The government authorised the creation of an Indian Carbon Market (ICM) in June 2023, and BEE sought industry feedback in November towards eligibility and compliance procedures for CCTS.
Things have been quiet since, with BEE officials saying that they are still working on the details.
The benefits of a carbon market take time to trickle in. India is already leaving out of CCTS heavily polluting, politically sensitive sectors such as electricity and agriculture, crimping its effectiveness, industry officials said.
India may see an impact on its air quality by 2031 only, with obligated entities under CCTS covering only 30 per cent of the country's emissions, leaving the rest unsupervised and our atmosphere exposed.
There is a "lag effect" of three-five years for a carbon market to have an impact on emissions, said Tarana Ahmad, manager, carbon market intelligence, at California-based sustainability consultant cKinetics in a presentation in Delhi last week.
Delays in creating ICM and addressing emissions threaten the country's commitments to becoming "Net Zero" by 2070. ICM would enable operation of a domestic CCTS in line with United Nations (UN) regulations and set a cap on emissions by industries.
This story is from the October 30, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 30, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Ireland govt signs up TCS to enhance worker enrolment
IT services major Tata Consultancy Services (TCS) announced on Tuesday that it has secured a 15-year contract with Ireland's Department of Social Protection (DSP) to implement and support the country's new Auto Enrolment Retirement Savings Scheme, known as the were not disclosed, such long-tenure \"My Future Fund.\" contracts are typically categorised as large deals.
Compare developer's price with resale rate to ensure authenticity
During the festive season, which lasts from October to December, the feel-good atmosphere often encourages potential homebuyers to take the plunge. Developers make attractive offers during this period to nudge the fence-sitters.
Asset quality risk, a worry for IndusInd
Amid headwinds, the bank faces uncertainty over CEO extension
NTPC Green Energy IPO to unlock value
The news that NTPC Green Energy (NGEL), a wholly-owned subsidiary of NTPC, has clearance from the Securities and Exchange Board of India (Sebi) to raise ₹10,000 crore via an initial public offering (IPO), was a trigger for the NTPC stock.
Realty cos raise over ₹12.8K cr via QIPs during Jan-Sep '24
Listed real estate companies have raised ₹12,801 crore via qualified institutional placements (QIPs) in the first nine months of 2024 as they turned to IPO and QIPs to fund their aggressive expansion amid strong post-pandemic demand, a report by real estate consultant Anarock said.
Markets gain on positive global cues
Rising for the second straight session, equity benchmark indices Sensex and Nifty closed higher on Tuesday, helped by fag-end buying in banking counters and a firm trend in global markets.
Record-breaking real estate IPOs raise ₹13.5K cr in 2024
India's real estate sector witnessed a record surge in initial public offerings (IPOs), with 123 IPOs listed till October 20 this year, already surpassing the total for 2023, signaling economic optimism and ample market liquidity.
AMC rally may gain further steam after robust Q2 showing
Brokerages raise targets as AMCs deliver earnings surprise
73,600x surge in 2 days: Elcid now India's 'priciest' stock
A little-known smallcap company, Elcid Investments, took a giant leap into the history books after its shares surged a staggering 73,600 times in two days to become the priciest stock in absolute terms, surpassing tyre major MRF.
Sellers refuse to let their business bomb
From shops filled with electric diyas to 'sound-only' toys, New Delhi is adapting to yet another Diwali with a ban on firecrackers.
