Media Mention•Oct 18, 2022
India gets ready to launch a national carbon market
The Indian government has green-lighted the creation of a national carbon market that will be key to decarbonising heavy industry and helping shape international carbon trading.
Via Energy Monitor
Aplanned national carbon market for India, the world’s third-largest emitter, could become one of the biggest mitigation experiments ever attempted, getting the country on track to meet its net-zero greenhouse gas emissions goal by the promised date of 2070.
As part of its updated commitment under the Paris Agreement, the country aims for non-fossil fuels – solar and wind but also large hydro, which until recently was not classified as renewable due to its environmental impacts, and biomass – to make up 50% of its power generation capacity by the end of the decade. Yet India is struggling to dial back its dependence on fossil fuels, with coal still providing around 70% of total power generation.