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This is an archive article published on May 24, 2022
Gujarat inks MoU to develop India’s first carbon market
The MoU was signed in the presence of Chief Minister Bhupendra Patel and officials from climate change and mines and industries department.
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Bhupendra PatelIn order to set up India’s first carbon market, the Gujarat government on Monday inked a Memorandum of Understanding (MoU) with Energy Policy Institute at the University of Chicago and Abdul Latif Jameel Poverty Action Lab (J-PAL).
The MoU was signed in the presence of Chief Minister Bhupendra Patel and officials from climate change and mines and industries department.
Both J-PAL and Energy Policy Institute started world’s first market for trading in particulate matter in Surat in 2019. The Indian Express had reported that the project was done along with the Gujarat Pollution Control Board (GPCB) and textile firms in Surat.
The state government in an official statement on Monday stated that 350 “highly polluting industries” are taking advantage of the emission trading market in Surat. This pilot project has also helped reduce air pollution in the city by 24 per cent. Buoyed by the success in Surat, GPCB is expanding this project to Ahmedabad, Vapi, Vadodara and Bharuch cities, the statement added.
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