As per a report published by the Deloitte Economics Institute, India stands to lose to the tune of $35 trillion in the next 50 years if it does not reduce its dependence on fossil fuels. Inaction on climate change will lead to loss in India’s economic potential by 5.5% each year on an average for the next half century.
Solar Energy Corporation of India (SECI) and Hindustan Petroleum Corporation Limited have signed a Memorandum of Understanding, in order to realize green energy objectives and GOIs efforts towads carbon neutral economy.
On 11th of May, the Tata IPL match between Delhi Capitals and Rajasthan Royals will be the first carbon neutral cricket match. Schneider Electric in partnership with Rajasthan Royals announced that they will offset the carbon emissions from the match by planting 17,000 trees in the next six months so the trees suck equivalent amount of carbon by the year 2052 as the cricket match would have resulted in
The Bihar State Pollution Control Board (BSPCB) chairman Ashok Kumar Ghosh announced that the state will successfully achieve the net-zero carbon emission target by 2040. He highlighted that Bihar’s state has been proactive and made some significant progress in achieving the set goal.
To mitigate climate change on the agriculture sector, the state agriculture department of Kerela has planned to promote carbon-neutral agriculture at selected places in the state. For this, the government has budgeted 6 crore in the fiscal year 2022-23.
In an effort to achieve carbon neutrality by the middle of the century, the European Union is pushing to increase the use of renewable energy, but this effort has been slowed down by a disagreement over hydrogen's role in the transition.
The Indian government is planning to establish the Indian Carbon Market (ICM), a national framework to decarbonize the Indian economy by pricing greenhouse gas (GHG) emissions through trading of carbon credit certificates. The Bureau of Energy Efficiency, Ministry of Power, along with the Ministry of Environment, Forest & Climate Change, is developing a Carbon Credit Trading Scheme for this purpose.