Proposed carbon credit mandate to open green avenues for industry

Market expected to grow to $200 billion; industry awaits further clarity on rules

The recently amended Energy Conservation Act has introduced the setting up of India’s own and first-ever carbon credit market. This has enthused several carbon-intensive industries - steel, cement, and manufacturing – into trying to meet their sustainability targets, and existing players in the carbon-offsetting space.

Industry executives said the voluntary carbon credit market in India could touch $200 billion by 2030, from the current $2 billion. While being one of the largest carbon credit exporters to the world, India itself doesn’t have a carbon market. While there are a handful of carbon-offsetting platforms offering carbon credits, there hasn’t been a