India is grappling with a surge in extreme climate events causing significant losses, with a shortfall in global climate action, according to the 2023 Synthesis Report of the first Global Stocktake by the United Nations Framework Convention on Climate Change (UNFCCC). With an aim to promote sustainability and reduce carbon emissions, the Carbon Credit Trading Scheme (CCTS) and the Green Credit Programme (GCP) were launched under the Lifestyle for Environment (LiFE) initiative this year. 

Most high-income countries, particularly the United States, Australia, and the United Kingdom, have opposed the removal of ‘fossil fuel phase-out’ from the COP28 Global Stocktake (GST) text. In reality, these countries are opposing a ‘just and equitable phase-out’, wherein they would be required to lead the way in phasing out fossil fuels. These countries still rely on fossil fuels to meet most of their primary energy demands and continue to expand their oil and gas production.

The Indian automobile industry is currently valued at USD 108 billion. The Government of India has undertaken considerable strides (through purchase subsidies and auto production-linked incentive scheme, among others) to facilitate the green transition of the well-established domestic automotive industry and promote EV uptake. As a result of such initiatives, more than 28 lakh EVs are plying on road as of July 2023.

Climate change is a universally urgent issue that impacts all nations, with interlinked consequences for economies, societies, and ecosystems. At the seat of this problem lies the unchecked, irreversible land-use change affecting about 32 per cent of the Earth’s terrestrial area. COP28 provides an opportune moment to shed some light on prioritising nature and biodiversity conservation, alongside carbon-centric strategies.

Prime Minister Narendra Modi, in his address at COP28, articulated India's steadfast commitment to environmental sustainability while maintaining a delicate balance between economic growth and ecological preservation.

As the global community once again converges at the Conference of the Parties (COP), the pivotal role of carbon markets in achieving the Paris Agreement's ambitious goal of limiting warming to 1.5 degrees Celsius takes center stage.