India among biggest new carbon markets as global carbon pricing covers 29 per cent of emissions

India has emerged as one of the world’s largest new carbon markets following the launch of its Carbon Credit Trading Scheme (CCTS) in 2026, according to the World Bank’s State and Trends of Carbon Pricing 2026 report. The new emissions trading system covers seven sectors and around 490 industries, representing approximately 477 million tCO2e. Built on India’s existing Perform Achieve and Trade (PAT) energy efficiency framework, the system assigns annual emissions intensity targets and allows overperforming companies to generate tradable Carbon Credit Certificates. The report identifies India’s future expansion into the iron and steel sector as a major driver that could significantly increase global carbon pricing coverage by 2030. India is also recognized as one of the world’s largest voluntary carbon markets.
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