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Finalising carbon targets before COP UPSC NOTE

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  Why in news India is finalizing carbon dioxide emissions intensity targets for specific industries ahead of the 29th Conference of Partie...

 Why in news

  • India is finalizing carbon dioxide emissions intensity targets for specific industries ahead of the 29th Conference of Parties (COP29) in Baku, Azerbaijan.

  • The targets will facilitate the establishment of a compliance carbon market, where companies must meet emissions limits or buy credits from those who exceed their targets.

  • One credit is earned for every tonne of CO2 saved beyond the set target, with market-driven prices for these credits.

  • The National Steering Committee for Indian Carbon Market (NSC-ICM) will oversee the carbon market's implementation.

  • India plans to launch this compliance market in the financial year 2025-26, following regulatory requirements.

  • The focus will be on "hard to abate" sectors such as aluminium, cement, and petrochemicals, which are challenging to decarbonize due to high costs.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Finalising carbon targets before COP UPSC NOTE
Finalising carbon targets before COP UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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