Forestry and land use sector is expected to register robust growth in the India Carbon Credit Market- 6W research
India carbon credit market is in its infancy stage. Offsetting carbon emission is being carried out on voluntary basis. At present there is no major obligatory norms to monitor carbon emission. The Indian government has legislated the Energy Conservation (Amendment) Bill to promote the carbon credit market and introduce cap-and-trade system in a phased manner. Growing concerns about climate change among consumers have forced companies to be concerned about their carbon emission. Many have started adopting measures to lower their carbon footprint. India’s commitment at COP-26 to become carbon neutral will see greater thrust from government on monitoring carbon emission which will drive the market.
According to 6Wresearch, India Carbon Credit Market is projected to grow at a CAGR of 70.6% during 2022-2028. The India Carbon Credit industry is experiencing massive growth attributed to government initiatives to curb its CO2 emission. Additionally, the imposition of carbon tax by countries in Europe and North America on imported goods with carbon footprints have accelerated demand for carbon offsets by Indian companies whose revenues are largely dependent on export to EU and North America. Moreover, the major drivers of the market include government obligations and CO2 emission. Further, there has been rising awareness among consumers about climate change and they are being selective while using any product. This is also forcing companies to curb their carbon footprint. All these factors are set to drive the market exponentially in coming years.
According to Ravi Bhandari, Research Head, 6Wresearch, Forestry and Land Use would continue to hold the largest share in terms of revenues in India voluntary carbon credit market owing to its ability to absorb CO2 from atmosphere and additional ecological advantage to flora and fauna of the region.
“India Carbon Credit Market (2022-2028)” report provides an in-depth analysis with 19 figures and 3 tables, covered in 77 pages. India carbon credit market report thoroughly covers market by sector types. The report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, market competitiveness, market drivers & restraints and government initiatives which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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