Empowering Emission Reduction: India to Set Carbon Trading for Four Major Sectors
India’s government will be ready to start carbon trading by April 2025. This emission reduction mandate will initially only apply to these four fossil-fuel dependent sectors: petrochemicals, iron and steel, cement, and pulp and paper on an annual market trading cycle. Companies in these industries will be authorized to buy and sell carbon credits to meet their annual targets.
India is committed to reducing its greenhouse gas emissions down to 45% of its 2005 level by 2035 and net zero by 2070. Emission limits will be set by India’s key ministries of environment, power, and renewable energy. These departments will also issue licenses or credits to companies which are producing emissions.
This is a significant step towards achieving cleaner air and reducing emissions and pollution. The establishment of emission limits and the issuance of licenses or credits by key ministries demonstrate a comprehensive and structured approach to combat climate change and air pollution in the country.
Ship & Shore Environmental, Inc. supports the Indian government’s carbon trading initiative by offering expert consulting, solutions, and technologies to assist businesses in the targeted sectors to reduce their emissions, thereby contributing to India’s ambitious emission reduction and cleaner air goals.