India's national carbon market, established under the Carbon Credit Trading Scheme (CCTS), is a regulatory framework to price carbon emissions, incentivizing industries to reduce pollution by trading carbon credits, creating a market-based tool to meet climate goals and promote low-carbon development, with the legal basis set by the Energy Conservation Amendment Act, 2022 and full implementation expected in 2026. It aims to link with global markets, featuring mechanisms like Perform, Achieve, and Trade (PAT) and focusing on sectors like energy, mobility, and agriculture for emission abatement.

India's national carbon market, established under the Carbon Credit Trading Scheme (CCTS), is a regulatory framework to price carbon emissions, incentivizing industries to reduce pollution by trading carbon credits, creating a market-based tool to meet climate goals and promote low-carbon development, with the legal basis set by the Energy Conservation Amendment Act, 2022 and full implementation expected in 2026. It aims to link with global markets, featuring mechanisms like Perform, Achieve, and Trade (PAT) and focusing on sectors like energy, mobility, and agriculture for emission abatement. 
How it Works
Legal Foundation: -
The 2022 amendment to the Energy Conservation Act empowers the government to issue Carbon Credit Certificates (CCCs).
CCTS Notification (2023): -
The Ministry of Environment, Forest and Climate Change (MoEFCC) notified the CCTS, defining the structure and roles for the Indian Carbon Market (ICM).
Mandate for Industry: -
Designated sectors (nine key industries initially) must meet emission reduction targets or purchase carbon credits from others who have reduced emissions beyond their requirements.
Monitoring, Reporting & Verification (MRV): -
A robust MRV framework, finalized in 2024, ensures data credibility and involves accrediting Carbon Verification Agencies. 
Key Objectives & Features
Decarbonization: -
Steer India's fast-growing economy towards low-carbon development.
Financial Incentives: -
Makes clean technology and efficiency upgrades financially attractive.
Integration: -
Aims to link with global markets under Article 6 of the Paris Agreement.
Existing Linkages: -
Will connect with other domestic mechanisms like PAT and Renewable Energy Certificates (RECs). 
Implementation Status:-
The market is set to begin compliance trading in 2026, following groundwork on regulations, verification, and institutional frameworks. 
Goals & Impact:-
Supports India's commitment to carbon neutrality and Net Zero targets.
Enhances energy security and promotes green hydrogen production.
Drives innovation in sectors like energy, mobility, and agriculture. 

MJF Lion ER YK Sharma 

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