India close to setting industry carbon targets before COP

• India is deciding carbon dioxide emissions intensity targets for select industries ahead of the 29th COP in Baku, Azerbaijan.
• The targets are a precursor to establishing a “compliance” carbon market.
• Companies must ensure their carbon emissions intensity meet the specified limit or buy credits from surplus organizations.
• The price of a credit varies based on demand, supply, and regulatory pressure.
• The final position on the targets is expected soon, with industry discussions ongoing.
• India is obliged to launch its compliance market in the financial year 2025-26.
• The National Steering Committee for Indian Carbon Market (NSC-ICM) is tasked with overseeing the functioning of the Indian carbon market.
• The emission caps for industries will build on the Perform, Achieve and Trade Scheme.