India to set emission reduction targets for 4 sectors

NEW DELHI, Sept 27 (Reuters): India will set carbon emission reduction targets for four fossil fuel dependent sectors, as the Asian country looks to align its industry with the country's greenhouse emissions reduction target, two government officials said.
India to set emission reduction mandates for 4 sectors, to start carbon trading from 2025 -sources
The country will fix carbon emission intensity benchmarks and reduction targets for three years for companies in petrochemicals, iron and steel, cement and pulp and paper, two government officials, who did not want to be named, told Reuters. The market trading cycle will be annual, they said.
The companies in the four sectors are also likely to be the first ones to trade on the country's carbon trading market from April 2025, the officials added, which will enable them buy and sell carbon credits to met their goals.
Companies which exceed their targets earn carbon credits that can be sold to firms which fall short of their goals.
"The mandates will be applicable from 2024-25 and the (carbon) trade will start in 2025-26," one top government official said.
The targets will be aligned with the country's emission intensity - the total amount of greenhouse gas emissions emitted for every unit increase of gross domestic product (GDP) - reduction goals submitted to the United Nations, the officials said.