As part of its efforts to hasten the transition to cleaner fuels, India is likely to introduce a carbon trading market for major emitters in the energy, steel and cement industries.
The platform is expected to be announced by Prime Minister Narendra Modi at Independence Day celebrations on August 15.
The market would initially be limited to hard-to-abate sectors, allowing participants to trade credits earned from cutting emissions, the people said. One of the goals is to ensure state-owned energy firms like Oil & Natural Gas Corp., Indian Oil Corp. and NTPC Ltd., as well as steel and cement companies, can benefit from planned investments in carbon-capture projects.
A detailed plan for establishing the carbon market is likely to be ready in the fourth quarter. India is also looking to introduce methanol-blended fuels in land and marine transport, build more carbon capture projects, and encourage the adoption of electric vehicles as part of its climate goals.
Tags: Carbon Trading, Cement, Cleaner Fuels, Energy, IOC, PM Modi
Recent Posts
Vedanta Aluminium signs pact with GAIL for supply of natural gas
HMM introduces South Korea’s first LNG-powered vessels
NGEL inks pact with NREDCAP in Andhra for RE projects
Global warming won’t end if net zero is redefined
The Liberian Registry and Korean Register (KR) grant AiP to Samsung
To satisfy decarbonization targets, Big Oil invests billions in the manufacture of biofuel
ISO issues standards for methanol as a marine fuel
Amazon, partners to test electric trucks on a freight corridor in India