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India set for domestic carbon market in June
India set for domestic carbon market in June

New Delhi, May 12 : As world's third-largest emitter India is on track to reach net zero by 2070 and set to launch a robust and credible domestic carbon market next month, experts say high-integrity carbon credits can attract more investment in India into technology and nature-based climate solutions.

India, China, Brazil and some other developing countries have been strongly advocating at every UN climate summit for continuation of carbon credits, which allow companies to compensate for their greenhouse gas emissions, under the 2015 Paris Agreement -- an ambitious global action plan to fight climate change.

So what are carbon markets? They are trading systems in which carbon credits are sold and bought. Companies or individuals can use carbon markets to compensate for their greenhouse gas emissions by purchasing carbon credits from entities that remove or reduce greenhouse gas emissions.

Talking about the domestic carbon market, Kavita Prakash-Mani, who is on the governing board of the Integrity Council for the Voluntary Carbon Markets, told IANS in an interview on Friday that India is expected to announce details of the national carbon market scheme in June covering both compliance and voluntary markets, with credits being issued in 2025 by a new registry and exchange.

"A draft of the Carbon Credit Trading Scheme has already been released. We would be delighted if the Core Carbon Principles (CCPs) are adopted by the Indian government as it established the norms.

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