India Carbon Credit Market Assessment, By Type [Government Compliance (California Cap-And-Trade, European Union ETS, The China National ETS, Others) and Voluntary/Third-Party Compliance, and Others], By End-user [Power & Energy Generation, Aerospace, Marine, Agriculture, Manufacturing Sector (Chemical Processing, Oil & Gas, Metallurgy, Others), Building & Construction, Automotive, Waste Management and Others], By Region, Opportunities and Forecast, FY2017-FY2031F

India Carbon Credit Market size was valued at USD 9.33 billion in FY2023 which is expected to reach USD 72.85 billion in FY2031 with a CAGR of 29.29% for the forecast period between FY2024 and FY2031.

Home>Industry Reports>India Carbon Credit Market Assessment, Opportunities and Forecast, FY2017-FY2031F

. India is witnessing the impact of the rise of greenhouse gases across industries which is posing threats to India’s climatic change. The country is planning various strategies at the forefront to achieve climate goals by implementing principles from Nationally Determined Contributions (NDC). India is experiencing a massive market of oil and gas as it has a huge base of fuel consumption across various sectors. Capped oil wells which are mostly abandoned are prone to creating immense quantities of methane emissions. A type of carbon credit assists in incentivizing major oil companies to plug wells instead of selling or abandoning them which creates a huge platform to trade. There are various measures such as carbon capture and storage technologies, financial trading, etc., that are adopted to curb the associated problem like reducing carbon emissions, lowering carbon particulates from the atmosphere, etc. Carbon credits are having a positive impact across India where many growing companies are adopting measures according to the regulations.

India, an active participating ally of various international treaties, is making huge contributions for sustainable development as stirred by the Paris Agreement. Ministry of Environment, Forest and Climate Change of India has stringently assigned its goals to combat climatic changes according to the commitment made by COP-26 (Conference of Parties 26). Some of its goals are to achieve 500GW of non-fossil energy capacity by 2030, reduction in total projected carbon emissions by one billion tones by 2030 and achieve the target of net zero emissions by 2070.

Amendment of Compliances and Regulations in India

There are several sectors that fall under the regulation act of carbon credit such as major industrial operations, electricity productions, refining and processing of oils and natural gas. An emissions trading system (ETS) that operates on the principle of “cap-and-trade” governs the regulations of carbon credit market. Laws concerning carbon credits in India are a major challenge for the Indian government to implement across every operational sector. The (India) Energy Conservation Act, 2001 was recently amended through the Energy Conservation (Amendment) Act, 2022, which has legally come into action on and from January 1, 2023. This act has encouraged various government institutions under the Central including the Ministry of Power to regulate the carbon trading scheme and provide proper certification related to carbon credits.

Registered organizations that are entitled under Carbon Credit Trading Scheme are being issued Carbon Credit Certificates by authorized central government agencies. The registered certificates provided by Indian agencies are traded to achieve various commitments such as regulating organizations that release more amount of carbon than authorized, aiding other nations that aim to fulfil their targets, etc. Thus, the implementation of these regulations will play a pivotal role in monetizing carbon credits and simultaneously making India achieve its climatic goals.

Importance of Carbon Credits in the Agricultural Sector

India has embarked on various initiatives that have socio-economic benefits and carries the potential in increasing carbon credits across various sectors. Carbon dioxide is considered a prominent nutrient for soil enrichment, where under the process of soil carbon sequestration the carbon dioxide present in the atmosphere is extracted and can be stored in a soil carbon pool. The extracted carbon dioxide from the atmosphere ultimately reduces carbon levels in the air and utilization of captured carbon dioxide for soil enrichment provides a favorable situation for farmers. Farmers can earn additional revenue while participating in the carbon offset projects by selling the generated carbon credits. Institutions such as Farmer Producer Organizations (FPOs) provide a platform for farmers to become familiar with carbon abatement practices and trade their accumulated carbon credits.

According to the IPCC’s 2000-2010 sectoral GHG emissions published report, the agricultural sector accounts for 5.0-5.8 gigatons of carbon dioxide produced per year including methane. The IPCC considers agriculture, a net-negative emissions sector which explicitly generates a huge potential for India as the land mass available for performing agriculture practices and low soil organic carbon.  The enriching market of carbon credits is growing exponentially which encourages Indian farmers to make it worth and increase their earnings by participating in the soil carbon credit system. CoreCarbonX a carbon offsets organization headquartered in Telangana, has adopted various sustainable agriculture practices by collaborating with different farmer groups across India.  4

Collaboration towards Excellence for Carbon Credits

There are various ways implemented by industries to prevent carbon emissions and greenhouse gases. A company can utilize the concept of carbon offsets as a preventative measure to lower its own carbon emissions. Tata Steel group, renowned geographically diversified steel producers with an annual crude steel capacity of 34 million tons per annum has collaborated with Carbon Clean, a giant leader in cost-effective carbon dioxide capture and separation technology. The alliance between them has helped in designing India’s first carbon capture plant for a blast furnace. The skid-mounted unit is effective in capturing 5 tons of carbon dioxide per day directly from the blast furnace gas and further re-evaluating its onsite reuse in various applications. The process of carbon dioxide capturing has already assisted in decarbonizing the steel plants meanwhile also creating opportunities for Tata to enter the hydrogen economy.

In 2016, the partnership commenced between Tuticorin Alkali Chemical and Fertilizers Ltd. (TACFL), to develop and commission commercial carbon capture storage and utilization plant. Geographically located in the southern part of India (Chennai), the world’s first low-cost, industrial-scale carbon capture and utilization (CCU) plant has achieved over 90% carbon capture rates since after the commencement of operation. The captured carbon is available at just USD 30/ton, which is much lower than the conventional power sector and TACFL can be further used for soda ash production.

Impact of COVID-19

The peak of COVID-19 has affected various growing sectors in the Indian market. Consumption of oil and various non-renewable energy has declined rapidly which has led to a fall in carbon dioxide emissions by around 1% during March 2020. In March 2020, the era of national lockdown oil consumption fell around 18%. During the Covid outbreak crude oil production decreased by around 5.9% and the same kind of pattern was seen for natural gas production. A similar trend was observed for crude steel production which dropped down by around 22.7%.

With the simultaneous decline of production in various sectors during COVID upsurge, an estimation was evaluated that carbon dioxide emissions fell by 30 million tons of carbon dioxide (Mt , 1.4%), which substantially happened in four decades. During March 2020 the imposed lockdowns by the government created a steer that led to a fall in the carbon credit market, but by June the market showed a positive shift as everything began to restore and the production volume of companies rises to its usual state.

Impact of Russia-Ukraine War

The annexation of Russia on Ukraine has created havoc as the predicted price of crude oil would skyrocket-to as high as USD150 per barrel which subsequently affected many sectors. Global ban on the trade of Russian energy product has adversely affected India economy but most of the sectors were very optimistic that this impact couldn’t last for longer. The conflict effect economically on the Indian market could be categorized into three types, direct: the straight impact affecting trade between India and both conflicted nation Russian and Ukraine, indirect: through global commodity and market variations, and macroeconomic: policy regulation and business alternatives to tackle the rapid market shifts. A strong resilience to various negative factors is reflected by India economy despite the extreme tumble in other markets. Refineries and carbon emission industries in India were on the same verge of volume production where the utilization of carbon credits doesn’t get affected compared with the different industries.

India Carbon Credit Market: Report Scope

“India Carbon Credit Market Assessment, Opportunities and Forecast, FY2017-FY2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the carbon credit market in India, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities and forecast between FY2024 and FY2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

 

Report Attribute

Details

Base Year of the Analysis

FY2023

Historical Period

FY2017-FY2022

Forecast Period

FY2024-FY2031

Projected Growth Rate

CAGR of 29.29% between FY2024 and FY2031

Revenue Forecast in 2030

USD 72.85 billion

Units

Revenue in USD billion

Segments Covered

Type, End-user

Regions Covered

North, East, West & Central, South.

Key Companies Profiled

EKI Energy Services Ltd., MistEO, OffsetFarm, repurpose Global, Myplan8, TRST01, Engie Global Energy Management & Sales, Adani Greens, Cultyvate, Farmex Agritech

Customization Scope

15% free report customization with purchase

Pricing and Purchase Options

Avail the customized purchase options to fulfil your precise research needs

Delivery Format

PDF and Excel through email (subject to the license purchased)

 

In this report, India Carbon Credit Market has been segmented into the following categories: 

1.       By Type

1.1.1.Government Compliance

1.1.1.1.              California Cap-And-Trade

1.1.1.2.              European Union ETS

1.1.1.3.              The China National ETS

1.1.1.4.              Others

1.1.2.Voluntary/Third-Party Compliance

2.       By End-user

2.1.1.Power & Energy Generation

2.1.2.Aerospace

2.1.3.Marine

2.1.4.Agriculture

2.1.5.Manufacturing Sector

2.1.5.1.              Chemical Processing

2.1.5.2.              Oil & Gas

2.1.5.3.              Metallurgy

2.1.5.4.              Others

2.1.6.Building & Construction

2.1.7.Automotive

2.1.8.Waste Management

2.1.9.Others

3.       By Region

3.1.   North

3.2.   East

3.3.   West & Central

3.4.   South

Key Players Landscape and Outlook

Start-ups and companies are heavily putting their investments on sustainability goals to reduce carbon footprint from the environment. The projects are accredited by accounting firms which verify the number of emission reductions and provide certification to use carbon offsets. EKI Energy Services Ltd. (EKI) has strengthened their goal to combat global climatic issues and navigate the world to net-zero emissions. Proceeding with the sustainability mindset, they motivate the organizations to reduce their carbon footprint.

EKI has commissioned various strategies to reach its commitment to become net-zero by 2030 along with setting up a target to circulate up to 1 billion credits in the upcoming 5 years. One of the subsidiaries of EKI-GHG Reduction Technologies Private Limited located in Nashik, has already lined up in developing Improved Cook Stoves (ICS) with an immense manufacturing capacity of 1.2 million ICS every year. Till now the company has already dispensed more than 134,000 cookstoves and has a huge booking order of around Rs 130+ crores. EKI has a massive collaboration base with major energy companies across the globe. EKI has partnered with WOCE Solutions Pvt. Ltd., UK-based Inclusive Energy Ltd, First Source Energy India Pvt. Ltd, and implemented various carbon offset projects in the voluntary carbon market.

Key Players Operating in India Carbon Credit Market

·         EKI Energy Services Ltd.

·         MistEO

·         OffsetFarm

·         Repurpose Global

·         Myplan8

·         TRST01

·         Engie Global Energy Management & Sales

·         Adani Greens

·         Cultyvate

·         Farmex Agritech

If you can't find what you're searching for or have any custom requirements for India Carbon Credit Market, you may approach our team at info@marketsandata.com

Table of Contents

 

1.       Research Methodology

2.       Project Scope & Definitions

3.       Impact of COVID-19 on the India Carbon Credit Market

4.       Impact of Russia-Ukraine War

5.       Executive Summary

6.       Voice of Customer

6.1.    Market Awareness and Product Information

6.2.    Brand Awareness and Loyalty

6.3.    Factors Considered in Purchase Decision

6.3.1.Brand Name

6.3.2.Quality

6.3.3.Quantity

6.3.4.Price

6.3.5.Product Specification

6.3.6. Application Specification

6.3.7. VOC/Toxicity Content

6.3.8. Availability of Product

6.4.    Frequency of Purchase

6.5.    Medium of Purchase

7.       India Carbon Credit Market Outlook, FY2017-FY2031

7.1.    Market Size & Forecast

7.1.1.By Value

7.1.2.By Volume

7.2.    By Type

7.2.1.Government Compliance

7.2.1.1.              California Cap-And-Trade

7.2.1.2.              European Union ETS

7.2.1.3.              The China National ETS

7.2.1.4.              Others

7.2.2.Voluntary/Third-Party Compliance

7.3.    By End-user

7.3.1.Power & Energy Generation

7.3.2.Aerospace

7.3.3.Marine

7.3.4.Agriculture

7.3.5.Manufacturing Sector

7.3.5.1.              Chemical Processing

7.3.5.2.              Oil & Gas

7.3.5.3.              Metallurgy

7.3.5.4.              Others

7.3.6.Building & Construction

7.3.7.Automotive

7.3.8.Waste Management

7.3.9.Others

7.4.    By Region

7.4.1.North

7.4.2.East

7.4.3.West & Central

7.4.4.South

7.5.    South By Company Market Share (%), FY2023

8.       Supply Side Analysis

8.1.    Capacity, By Company

8.2.    Production, By Company

8.3.    Operating Efficiency, By Company

8.4.    Key Plant Locations (Up to 25)

9.       Market Mapping, FY2023

9.1.    By Type

9.2.    By End-user

9.3.    By Region

10.   Macro Environment and Industry Structure

10.1.                     Supply Demand Analysis

10.2.                     Import Export Analysis – Volume and Value

10.3.                     Supply/Value Chain Analysis

10.4.                     PESTEL Analysis

10.4.1.    Political Factors

10.4.2.    Economic System

10.4.3.    Social Implications

10.4.4.    Technological Advancements

10.4.5.    Environmental Impacts

10.4.6.    Legal Compliances and Regulatory Policies (Statutory Bodies Included)

10.5.                     Porter’s Five Forces Analysis

10.5.1.    Supplier Power

10.5.2.    Buyer Power

10.5.3.    Substitution Threat

10.5.4.    Threat from New Entrant

10.5.5.    Competitive Rivalry

11.   Market Dynamics

11.1.                     Growth Drivers

11.2.                     Growth Inhibitors (Challenges, Restraints)

12.   Key Players Landscape

12.1.                     Competition Matrix of Top Five Market Leaders

12.2.                     Market Revenue Analysis of Top Five Market Leaders (in %, FY2023)

12.3.                     Mergers and Acquisitions/Joint Ventures (If Applicable)

12.4.                     SWOT Analysis (For Five Market Players)

12.5.                     Patent Analysis (If Applicable)

13.   Pricing Analysis

14.   Case Studies

15.   Key Players Outlook

15.1.                     EKI Energy Services Ltd.

15.1.1.    Company Details

15.1.2.    Key Management Personnel

15.1.3.    Products & Services

15.1.4.    Financials (As reported)

15.1.5.    Key Market Focus & Geographical Presence

15.1.6.    Recent Developments

15.2.                     MistEO

15.3.                     OffsetFarm

15.4.                     repurpose Global

15.5.                     Myplan8

15.6.                     TRST01

15.7.                     Engie Global Energy Management & Sales

15.8.                     Adani Greens

15.9.                     Cultyvate

15.10.                  Farmex Agritech

*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

16.   Strategic Recommendations

17.   About Us & Disclaimer

List of Figures: India Carbon Credits Market 

Figure 1. India Carbon Credit Market, By Value, In USD Billion, FY2017-FY2031F

Figure 2. India Carbon Credit Market, By Volume, In Unit Thousand, FY2017-FY2031F

Figure 3. India Carbon Credit Market Share, By Type, In USD Billion, FY2017-FY2031F

Figure 4. India Carbon Credit Market Share, By End User, In USD Billion, FY2017-FY2031F

Figure 5. By Type Map-Market Size (USD Billion) & Growth Rate (%), FY2023

Figure 6. By End-user Map-Market Size (USD Billion) & Growth Rate (%), FY2023

Figure 7. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2023 

List of Tables: India Carbon Credits Market 

Table 1. Pricing Analysis of Products from Key Players

Table 2. Competition Matrix of Top 5 Market Leaders

Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)

Table 4. About Us - Region and Countries Where We Have Executed Client Projects

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