offset mechanism for carbon market

India has approved the Detailed Procedure for the Offset Mechanism and eight methodologies under the Indian Carbon Market (ICM). This enables voluntary participation in carbon trading and supports projects that reduce or remove greenhouse gas emissions. The government had notified The Carbon Credit Trading Scheme, 2023, in June last year, establishing the National Steering Committee for Indian Carbon Market (NSCICM). An amendment in December 2023 introduced an Offset Mechanism, allowing non-obligated entities to participate in…