COP29 climate agreement a boost for India’s carbon market ambitions

India’s plans to set up a carbon market received a boost at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, after the United Nations Framework Convention on Climate Change (UNFCCC) ratified key rules for a global carbon trading mechanism at this UN-sponsored climate event, officials said. On Monday states assembled for the first

Small victory at COP-29 as nations approve new carbon market rules

Establishment of carbon markets is the last remaining part of the 2015 Paris Agreement that is yet to become operational, mainly because the rules, modalities and procedures of this very complicated and technical structure are still to be finalised. A small step forward towards operationalisation of carbon markets was hailed as an early victory at

It is tough to implement carbon market

An ambition to develop carbon market—the government recently announced a National Steering Committee—is a welcome development. It reflects political and economic maturity to use competition as the preferred option to achieve the desired policy objectives. It is particularly interesting because the tradeable commodity i.e., carbon emission reduction, is a notional construct. It was devised to

List of eligible projects for carbon market issued

The Indian government has issued a list of projects that would be eligible to earn carbon offsets for the purpose of selling them in international carbon markets. According to a press release issued by the Ministry of Environment, Forests and Climate Change, a total of 13 activities have been identified as potential carbon offset generators

ICX formed to explore business opportunities in carbon market

Indian Energy Exchange (IEX) announced setting up a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunities in the voluntary carbon market. ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent and reliable platform and facilitate reduction of global GHG emission by 45% by

EU Parliament voted to include shipping in carbon trading scheme

The European Union Parliament has voted in favour of extending its carbon market (ETS) to shipping and road transport. The Parliament agreed to include all ships above 400 gross tonnage and offshore vessels in the EU’s carbon market. Polluters will have to pay for CO2, methane and nitrous oxide emissions when sailing within the EU