Global Carbon Market - India
Project description
Title: Global Carbon Market
Commissioned by: German Federal Ministry for Economic Affairs and Climate Action (BMWK)
Country: India
Lead executing agency: Ministry of Environment, Forests and Climate Change (MoEFCC)
Overall term: 2018 to 2023
Context
India is responsible for around seven per cent of global greenhouse gas emissions, making it the world’s fourth highest contributor. However, the country’s per capita emissions are comparatively low at 1.4 tonnes per year.
India ratified the Paris Agreement and in doing so, set out Nationally Determined Contributions (NDC). Now the country faces the task of increasing its prosperity while at the same time reducing CO2 emissions. Market-based climate protection instruments play an important role here.
In the past, India had positive experiences with global carbon markets under the Kyoto Protocol. The lessons learned in the private sector are therefore to be transferred to the new era of carbon markets under Article 6 of the Paris Agreement.
Objective
Decision-makers from the public and private sectors use existing and new market-based climate change mitigation tools to implement the nationally determined contributions.
Approach
In order to provide support in the new era of carbon markets, the project focuses its efforts on the economy, working with major state-owned groups as well as small and medium-sized enterprises and start-ups.
The project supports the partner ministry (Ministry of Environment, Forest and Climate Change, MoEFCC) in using existing and new carbon market instruments for the nationally determined contributions.
Training courses, expert events, analyses and technical advisory services help public and private-sector decision-makers to engage in discussions about Article 6 of the Paris Agreement. The project also makes it easier for them to develop new (market-based) approaches to carbon pricing.
In India, the project works with national think tanks, international organisations and business associations. Partners include The Energy Resources Institute (TERI) and the United Nations Development Programme (UNDP).
Last update: September 2021