Towards a Low Carbon Economy: Assessing the Landscape of Carbon Pricing in India

Description

Page: 90-95

Sania Bassi and Mohit Gupta (School of Business Studies, Punjab Agricultural University, Ludhiana, Punjab)

Climate change constitutes one of the most important concerns affecting the globe today, and India is among the nations that are exposed to its consequences. Nationwide emissions are increasing rapidly and it is beginning to experience the effects of climate change, which include rising sea levels and extreme weather events. The Indian authorities have vowed to address climate change and established the target of reaching net-zero emissions by the year 2070. Carbon pricing has emerged as a potentially effective strategy to decrease emissions of greenhouse gases, and is being adopted in several nations throughout the world. However, adopting carbon pricing within India poses a tough challenge, and lawmakers must carefully study the framework of any policy to guarantee that its execution is both effective as well as equitable. It tackles the different kinds of carbon pricing schemes, as well as the obstacles and opportunities entailed with adopting such measures in India. The paper also examines the economic and ecological consequences of carbon pricing. Overall, the research finds that carbon pricing could function as an effective instrument in India’s battle against climate change.