India is grappling with a surge in extreme climate events causing significant losses, with a shortfall in global climate action, according to the 2023 Synthesis Report of the first Global Stocktake by the United Nations Framework Convention on Climate Change (UNFCCC). With an aim to promote sustainability and reduce carbon emissions, the Carbon Credit Trading Scheme (CCTS) and the Green Credit Programme (GCP) were launched under the Lifestyle for Environment (LiFE) initiative this year.
The CCTS aims to create the Indian Carbon Market, aligning with India's emission reduction targets and the vision for net-zero by 2070. Greenhouse gas (GHG) emission reduction targets for obligated entities will drive this market and encourage long-term investments in emission reduction technologies, in line with the country’s nationally determined contributions (NDCs).
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