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India Planning Carbon Credit Market for Energy, Steel and Cement

  • Official announcement may come on Aug. 15, independence day
  • System would initially be limited to hard-to-abate sectors
Flames rise from a wagon loaded with coke at a steel plant in Odisha, India.

Flames rise from a wagon loaded with coke at a steel plant in Odisha, India.

Photographer: Dhiraj Singh/Bloomberg

India is planning to start a carbon trading market for major emitters in the energy, steel and cement industries, as part of its efforts to hasten the transition to cleaner fuels.

The platform is likely to be announced by Prime Minister Narendra Modi at Independence Day celebrations on Aug. 15, according to people with the knowledge of the plan. It’s been in the works since March, when consultation with ministries and companies began, said the people who asked not be named because discussions are private.