(ET)
India, the largest exporter of carbon credits, proposes to have its own uniform carbon market in one year as a large finance avenue for energy transition projects and emission reduction.
An analysis by Deloitte Economics Institute showed the country could gain $11 trillion over 50 years by limiting rising global temperatures and realising its potential to ‘export decarbonisation’ to the world.
The Centre is considering a change in legislation for implementing the carbon trading scheme that will subsume all such present tradeable certificates, sources said. The proposal is also to have a closed market that doesn’t allow export of such clean certificates in international carbon markets, sources said.
“The present schemes are very limited as buyers are very limited. Once we open a formal carbon trading market, and we have the conversion factor of every such certificate into how much CO2 has been avoided, the market will be very large. The market-determined price would reflect the true picture,” a senior government official said.