Conference on Converging Green Solutions with Carbon Markets to Achieve India's Net-Zero Target
Introduction
Carbon markets play a crucial role in the overarching framework of climate policy, offering a cost-effective means to diminish greenhouse gas emissions while encouraging the adoption of low-carbon technologies and practices. These markets encompass a diverse array of instruments and can operate at both national and international levels. Compliance carbon markets stem from governmental or international regulatory agreements, whereas the voluntary market attracts buyers seeking to fulfill their self-imposed climate commitments.
Leveraging carbon market opportunities to create additional finance is necessary through the Carbon Credits Trading Scheme (CCTS), Article 6.2 & 6.4 of the Paris Agreement, and the Voluntary Carbon Market (VCM), where India is already taking proactive initiatives and leading efforts.
India is making significant strides in carbon credit investments through Voluntary Carbon Markets (VCM). As of June 2023, 860 projects were registered and 1,451 projects were under consideration at leading carbon crediting certifiers, Verra and Gold Standard.
India is a major country, with almost one-fifth (298 million) of global carbon credits issued to Indian entities. This represents nearly 10% of our country's annual greenhouse gas emissions in 2020. By May 2023, 163 million credits have been retired. Notably, India has surpassed China, retiring 163 million credits compared to China's 100 million by May 2023. Globally, recorded transactions in 2021 were $1.98 billion (INR 16,342 crore) involving 493 million credits issued or retired.
At COP 28, one major discussion was on the operationalization of Article 6, focusing on international compliance carbon markets. However, negotiations faced challenges and ultimately failed to produce a deal, leading to continued uncertainty. Expectations were high for progress under Article 6.2 (bilateral or multilateral cooperation) and Article 6.4 (International carbon compliance markets).
In conclusion, as India strives to achieve its ambitious sustainability goals by 2050 and beyond, substantial investment in climate finance is imperative. With estimates indicating a need for trillions of dollars to reach net zero by 2070 and a significant increase in climate finance required by 2030, leveraging carbon markets emerges as a vital strategy.
To further promote stakeholder interactions and to learn from the key Government departments promoting awareness Diligentia Services in association with Carbon Markets Association of India (CMAI) is thrilled to announce the event, titled " Conference on Converging Green Solutions with Carbon Markets to Achieve India's Net-Zero Targets," scheduled on 16th May 2024 , New Delhi Hotel Le-Meridien.
This event aims to explore innovative strategies and initiatives in coverging carbon markets and green credits to accelerate India's transition to a low-carbon economy. With distinguished speakers and insightful sessions, it offers a unique platform for networking, knowledge sharing, and collaboration.
Participation Opportunities
Delegates
Sponsors/ Exhibitors
We look forward to your presence at this significant event as we work together towards a sustainable and resilient future for India.
