India eyes bilateral carbon credit deals

India is in talks with Singapore, Sweden and South Korea to set up bilateral carbon crediting arrangements similar to the one it signed with Japan in August, said two government officials.

- Vijay C Roy

These agreements aim to support low-carbon projects, share emission cuts and advance Paris Agreement goals.

(ISTOCKPHOTO)

Such agreements are meant to promote low-carbon projects, share emission reductions and advance the climate targets under the Paris Agreement. For India, these deals promise access to clean technology and climate finance while also strengthening economic and strategic ties.

India signed its first such deal, called the Joint Crediting Mechanism (JCM), with Japan on 7 August under the Paris Agreement, which allows countries to cooperate through voluntary carbon markets overseen by the United Nations (UN) climate framework.