AgroSpectrum - October 2022

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Is Carbon Credit A Long Con?
Global carbon pricing revenue in 2021 increased by almost 60 per cent from 2020 levels, to around $84 billion, providing an important source of funds to help support a sustainable economic recovery, finance broader fiscal reforms, or invest in communities as part of the low-carbon transition future, according to the World Bank’s annual “State and Trends of Carbon Pricing” report released on May 24, 2022. The report noted that the past year has seen some very positive signs, such as the significant increase in revenue that can be invested in communities and in supporting the low carbon transition. Since 2004, the Indian market for carbon credits has been expanding, but it is still in its infancy. The nation's goal is to achieve net zero carbon emissions by 2070. India developed the first exchange in Asia, the Multi Commodity Exchange (MCX), to facilitate the trading of carbon credits. Many agribusinesses have already begun collaborating with farmers to help them sequester
carbon, which will allow them to earn carbon credits. To maintain a transparent operating system in this sector, numerous advancements are still required on the regulatory and market fronts.