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- India will soon launch its carbon market.
- India will launch its carbon market after the Carbon Credit Trading Scheme comes into force.
- It will set emissions targets for emitters and allow overachievers to sell their excess emission cuts.
- In the carbon market, underachievers will have to purchase Carbon Credit to meet their goals.
- The Carbon Credit Trading Scheme (CCTS) is a market-based mechanism to reduce or limit emissions.
- India, one of the NDC’s targets, is to reduce the “emissions intensity of its GDP by 45 percent from 2005 levels by 2030.”.
- India had also declared the target of becoming a net-zero emitter by 2070.
- Developing countries, like China and Indonesia, have developed carbon markets.
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