India Plans Trading Program for Private Companies to Curb GHG Emission

By siliconindia  |  Friday, 06 November 2020, 11:03:21 AM IST

GHG

Considering the increasing emission of greenhouse gases, India has taken initiative to set up trading programs to control the release of greenhouse gases and particulate matter, as these emissions are leading to deadly air pollution and hazarding the cities.

However, the environment ministry’s second bureaucrat, Ravi Shanker Prasad has stated that the ministry is expecting the private sector to participate in the initiative. The country is looking forward to gaining benefits from an international carbon trading mechanism that’s being negotiated. Alongside, Ravi on an online event further stated that 24 private companies have assured to support the government’s climate commitments those include Reliance Industries, JSW Steel, Vedanta, and more.

India is one of the large economies across the globe that is yet to set a target to achieve net-zero carbon emissions after Asian neighbors namely Japan, China, and South Korea that have pledged over the last two months. However, India is already planning for a trading scheme in place to improve its energy efficiency across the fossil fuel industry, which is expected to provide some of the infrastructure required to get an emission-trading system set-up and running and to boost compliance.

On the same event commenting on this issue, Prakash Javadekar, Environment Minister has requested the developed countries to support India by providing affordable climate change mitigation technology. He even pointed out that the charges involved in fighting global warming would affect the nation’s efforts to meet its emission goals.

Presently, the country is performing well in terms of all the parameters of the Paris Agreement. However, citing its expansion of renewable energy, and large-scale afforestation initiatives the country is trying out various measures to curb its vehicle emissions.

India accounts for a total of 68.7 percent of GHG emissions that are released from the energy sector. This is followed by agriculture, industrial processes, land-use change, and forestry & waste that contribute about 19.6 percent, 6.0 percent, 3.8 percent, and 1.9 percent respectively to the greenhouse gas emission. On this count, India emits twice as many greenhouse gases as the world average

 

 

ON THE DECK

Top Banner