Triangulation of carbon cap and trade system for steel industry in India

Abstract

Climate change is not a challenge of tomorrow anymore, it is imperative for today. India has been taking initiatives for a decade now to bring down the emissions and achieve targets that can keep the country in line with Paris agreement. India has committed to achieving net-zero greenhouse gas emissions by 2070, under its updated Nationally Determined Contributions (NDCs) submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in 2021. The country also aims to achieve 450 gigawatts of renewable energy capacity by 2030, reduce its carbon intensity by 45% from 2005 levels, and achieve a 33-35% reduction in emissions intensity of its GDP by 2030.