The Indian government recently introduced its Carbon Credit Trading Scheme (CCTS) 2023, a departure from its earlier stance against launching a domestic carbon offset market. Renamed the Principal Scheme, it now includes both carbon reduction and carbon dioxide removal (CDR) projects. Obligated organizations will receive emissions reduction targets, while non-obligated entities can apply for Carbon Credit Certificates. The compliance market is set to launch in 2026, encompassing challenging sectors like oil, gas, steel, and aluminum. Industry players, including Mr. Manish Dabkara, chairman of EKI Energy Services, commend the initiative but urge prompt establishment of sectoral scopes and standards for optimal participation.

Source: Carbonherald