The Indian government has recently announced a list of projects that are eligible to earn carbon offsets for the purpose of selling them in international carbon markets. The National Designated Authority for the Implementation of the Paris Agreement (NDAIAPA) has identified 13 activities that could potentially generate carbon offsets, such as offshore wind power, green hydrogen, energy storage based on renewable energy, energy efficiency, sustainable aviation fuel, solar thermal energy, biogas, green ammonia, and carbon capture, utilisation and storage.
The NDAIAPA has approved these activities for a period of three years and India is currently in the process of introducing a national carbon market. This market is expected to be voluntary at first, but will eventually be made mandatory and cover all major energy- and emission-intensive industries. India has yet to sign any agreements to link its planned national carbon market to other national or sub-national carbon markets, as allowed under Article 6 of the Paris Agreement.
The Perform Achieve Trade (PAT) scheme is set to be transitioned into a carbon market. This scheme was launched in 2012 and works on a cap-and-trade framework for energy efficiency. It has already exceeded its targets and reduced energy consumption by 5.3% compared to the target of 4.1% during its first operational phase between 2012 and 2015.
India’s Intended Nationally Determined Contribution (NDC) to the United Nations Framework Convention on Climate Change (UNFCCC) includes commitments to increase the share of non-fossil fuel based power generation capacity to 40% and reduce emissions intensity of GDP to 33–35% compared to 2005 levels. India recently updated these commitments, increasing the targeted share of non-fossil fuel power generation capacity to 50% and the target to reduce emissions intensity to 45% over 2005 levels.
Several countries have already approved legislation to implement a domestic carbon market in line with Article 6 of the Paris agreement and have signed bilateral agreements with countries rich in GHG emissions mitigation potential. Indian companies have substantial experience from the seller side, as it was once the second largest supplier of Certified Emission Reductions, or CERs, under the UNFCCC’s Clean Development Mechanism. This experience, alongside learnings from the PAT scheme, will make it easier for the Indian government and corporates to get ready for a national carbon market with international linkages.
FAQ
Q1. How electric car batteries work?
A1. Electric car batteries are typically lithium-ion batteries that store energy and power the motor. They are recharged by plugging the car into an electric outlet or charging station.
Q2. What electric car has the longest range?
A2. The Tesla Model S has the longest range of any electric car currently on the market, with a range of up to 370 miles on a single charge.
Q3. How electric car batteries are recycled?
A3. Electric car batteries are recycled by breaking them down into their component parts and then separating out the metals, plastics, and other materials for reuse. The metals are melted down and reused in new products, while the plastics and other materials are recycled into new products.
