India Needs to Develop Suitable Carbon Pricing Instrument: PwC Report

PwC has added in a report named 'Shades of Green: Reflections on COP25 that there is a need for continued efforts to de-risk and encourage private sector investment in low-carbon technologies

December 26, 2019. By News Bureau

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According to global consulting firm PricewaterhouseCoopers, India can develop a robust domestic emission trading system where the private sector participates and sells retroactive, current and future credits.

PwC has added in a report named 'Shades of Green: Reflections on COP25 that there is a need for continued efforts to de-risk and encourage private sector investment in low-carbon technologies.

The 25th Conference of the Parties the annual meeting of the signatories to UN Framework Convention on Climate Change concluded recently in Madrid, Spain.

Signatories re-emphasised the need for enhanced emission reduction targets from all countries, while deferring the decision on the emissions trading system.

Risks can arise owing to cancellation of tenders, import duties, land acquisition-related uncertainties, for India, according to PwC.  Also policy interventions and financial instruments needed to ensure increased private sector participation.

A suitable cut-off may be decided upon review of the vintage of the available credits in the market vis-a-vis the Nationally Determined Contribution commitment period, for the backdated credits.

India has experimented with different mechanisms like carbon tax, perform achieve and trade scheme besides the renewable energy certificates. None of these yielded the desired results.

As per the report, "The existing mechanisms and inherent challenges may be critically reviewed and a cross-sectoral trading mechanism may be developed in which private sector companies that are interested in investing in clean energy, climate-smart agriculture and waste to energy may participate effectively."

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