However, the influx of carbon certificates from numerous renewable energy projects has caused their prices to drop. Central to this market are international renewable energy certificates (I-RECs) generated by India’s rapidly expanding clean energy sector. Around twenty-four renewable energy producers are involved in selling the certificates, while buyers include multinational corporations. Buyers can redeem these certificates to account for the mitigated carbon emissions in their emissions tally, helping them achieve their net-zero targets. Carbon avoidance credits are awarded for business practices that reduce carbon emissions that would have otherwise occurred.

Source: Hindustan Times July 27, 2024 18:53 UTC