India plans carbon credit market for energy, steel and cement
POWER & RENEWABLE ENERGY

India plans carbon credit market for energy, steel and cement

As part of its attempts to accelerate the transition to cleaner fuels, India plans to launch a carbon trading market for key emitters in the energy, steel, and cement industries.

Prime Minister Narendra Modi is expected to launch the platform at the Independence Day celebrations on August 15. It has been in the works since March, when consultations with ministries and firms began.

The market would first be limited to difficult-to-abate industries, allowing players to sell credits obtained through reducing emissions.

One of the objectives is to ensure that state-owned energy companies such as Oil & Natural Gas Corp, Indian Oil Corp, and NTPC, as well as steel and cement companies benefit from planned investments in carbon-capture projects.

At the COP26 meeting in Glasgow late last year, India, the world's third-largest emitter, startled observers by declaring a plan to attain net zero emissions by 2070. While this is a decade behind China, the South Asian economy is less developed and has larger climatic issues. As a first step toward its aim, the country intends to reduce 1 billion tonnes of emissions by 2030.

India's proposed market is similar to one in China, which implemented a required trading system for all large power plants last year. However, the market has been hampered by data collection delays and issues, resulting in only mediocre buying and selling of allowances.

As part of its climate ambitions, India plans to introduce methanol-blended fuels into land and marine transportation, create additional carbon capture projects, and stimulate the use of electric vehicles.

See also:
India to invest $20 trillion to achieve net zero by 2070
Govt’s $10-bn plan to curb emissions


As part of its attempts to accelerate the transition to cleaner fuels, India plans to launch a carbon trading market for key emitters in the energy, steel, and cement industries. Prime Minister Narendra Modi is expected to launch the platform at the Independence Day celebrations on August 15. It has been in the works since March, when consultations with ministries and firms began. The market would first be limited to difficult-to-abate industries, allowing players to sell credits obtained through reducing emissions. One of the objectives is to ensure that state-owned energy companies such as Oil & Natural Gas Corp, Indian Oil Corp, and NTPC, as well as steel and cement companies benefit from planned investments in carbon-capture projects. At the COP26 meeting in Glasgow late last year, India, the world's third-largest emitter, startled observers by declaring a plan to attain net zero emissions by 2070. While this is a decade behind China, the South Asian economy is less developed and has larger climatic issues. As a first step toward its aim, the country intends to reduce 1 billion tonnes of emissions by 2030. India's proposed market is similar to one in China, which implemented a required trading system for all large power plants last year. However, the market has been hampered by data collection delays and issues, resulting in only mediocre buying and selling of allowances. As part of its climate ambitions, India plans to introduce methanol-blended fuels into land and marine transportation, create additional carbon capture projects, and stimulate the use of electric vehicles. See also: India to invest $20 trillion to achieve net zero by 2070Govt’s $10-bn plan to curb emissions

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code