Watch Free Classes
Daily News Analysis » Private: March 2024 » India to Join Carbon Market Project : 20 Mar 2024

India to Join Carbon Market Project : 20 Mar 2024

India has decided to join one of the four cooperative work programmes under the 'clean energy pillar' of the U.S.-led IPEF.

Table of Content

Why in news?

  • India has decided to join one of the four cooperative work programmes under the ‘clean energy pillar’ of the U.S.-led IPEF.
  • The specific programme India will participate in is focused on facilitating and promoting carbon-market activities.

Consideration of Other Cooperative Work-Programme Initiatives:

  • India is also considering two other cooperative work-programme initiatives: one on clean electricity and the other on the use of sustainable aviation fuel.
  • A final decision on joining these initiatives will be made after a thorough analysis.

India’s Role in the Cooperative Working Group on Carbon Markets:

  • India will join the cooperative working group on carbon markets through the Ministry of Power.
  • The Bureau of Energy Efficiency will serve as the nodal body for this initiative.

Overview of Indo Pacific Economic Framework (IPEF):

  • The IPEF, led by U.S. President Joe Biden, was launched in May 2022 and includes 14 regional partners.
  • The framework focuses on four pillars: connectivity and digital trade, resilient supply chains, clean energy, and corruption-free fair trade.