ES Ranganathan on India's Path to Sustainability through Global Carbon Credit Markets
Carbon credits, also known as carbon offsets, are a way for organizations or countries to balance out their carbon emissions. They do this by investing in projects that reduce or remove the same amount of greenhouse gases from the atmosphere. These projects can include planting trees, developing renewable energy, and improving industrial processes. Carbon credits encourage companies to reduce their emissions and promote sustainability. ES Ranganathan explains that India has made big strides in clean energy, such as increasing renewable energy sources, improving energy efficiency, and setting high goals for electric vehicle use.
India is committed to fighting climate change. The country has promised to cut its carbon intensity by 33-35% by 2030 compared to 2005 levels, as part of its goals under the Paris Agreement. Recently, India has considered allowing its carbon credit market to be traded internationally, which is an exciting new development.
Trading carbon credits internationally helps countries work together to tackle climate change. It encourages partnerships between India and other countries, allowing them to share knowledge and technology to develop sustainable practices. This can create economic opportunities for India by attracting investments in renewable energy, tree planting, and other projects that reduce emissions. These investments can lead to job creation and economic growth. ES Ranganathan notes that by exploring international carbon credit trading, India can gain additional resources to speed up emissions reductions and engage in global climate cooperation.