Press release
India Carbon Credit Market to Reach $4,05,472.04 M by 2034 | CAGR 31.84% Growth
How Big is the India Carbon Credit Industry?
The carbon credit market size in India was USD 33,685.37 Million in 2025. Looking forward, IMARC Group estimates the market to reach USD 4,05,472.04 Million by 2034, exhibiting a compound annual growth rate of 31.84% during 2026-2034.
India Carbon Credit Market Trends:
The India Carbon Credit Market is experiencing a period of significant transformation as businesses, industries, and policymakers work together to build a comprehensive carbon trading ecosystem. What started as scattered voluntary initiatives has evolved into a structured marketplace with clear regulatory frameworks, institutional support, and growing corporate participation.
One of the most notable developments is the government's launch of the Carbon Credit Trading Scheme, which transitions India from voluntary carbon action to a compliance-driven model. In July 2024, the Bureau of Energy Efficiency adopted detailed regulations implementing an intensity-based baseline-and-credit system. This system assigns mandatory greenhouse gas emissions intensity targets to obligated entities across nine energy-intensive sectors including aluminum, cement, iron and steel, petroleum refining, fertilizers, and textiles. Companies exceeding their targets must surrender Carbon Credit Certificates, each representing one tonne of carbon dioxide equivalent.
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The voluntary market has also seen impressive growth. Between January 2022 and June 2023, the number of registered projects under leading certification programs like Verra and Gold Standard increased from 921 to 1,451. These projects span nature-based solutions, community development initiatives, and technology-driven innovations-each offering both environmental benefits and social co-benefits that appeal to domestic and international buyers.
Technology and innovation continue to push boundaries in this space. In October 2024, the world's first floating solar project accredited under the Verified Carbon Standard was registered in Tamil Nadu. This 24.7 megawatt floating solar photovoltaic plant is anticipated to reduce carbon dioxide emissions by approximately 38,376 tons annually, showcasing how advanced solutions can support India's transition to low-carbon energy while generating valuable carbon credits.
India Carbon Credit Market Growth Drivers:
The growth of the India Carbon Credit Market is being driven by a combination of strong regulatory action, corporate sustainability commitments, and expanding project diversity that together create a favorable environment for rapid market expansion.
Government policy and regulatory frameworks are at the heart of this growth story. The establishment of the Carbon Credit Trading Scheme provides the institutional backbone for a compliance market that brings predictability and structure to carbon pricing. By transitioning from existing programs to a credit-based system aligned with international standards, the government is giving industries clear compliance pathways, enabling them to plan decarbonization strategies with confidence. The Bureau of Energy Efficiency has laid out baseline emissions levels using 2023-2024 data, with full operationalization targeted for fiscal year 2026. This creates a timeline that companies can work with, making it easier to invest in emissions reduction technologies and efficiency improvements.
Corporate India is embracing Net Zero commitments at an unprecedented pace. Major industrial conglomerates across sectors-from power and energy to manufacturing and transportation-are establishing internal carbon accounting systems, conducting emissions inventories, and identifying cost-effective abatement opportunities. These aren't just symbolic gestures; companies are integrating carbon pricing into their strategic planning and reshaping investment decisions accordingly. The availability of diverse voluntary crediting methodologies further encourages this movement, as businesses can now choose offset projects that align with their operational capabilities and sustainability objectives.
The expansion of voluntary carbon markets through nature-based solutions is adding another growth dimension. Projects focused on tree planting on degraded lands, household biogas generation, and mangrove afforestation are creating tradable carbon credits while supporting sustainable development and local livelihoods. In October 2023, the Green Credit Programme was announced under the Environment Protection Act, encouraging tree planting in degraded forest areas and granting digital credits to participants who maintain plants over extended periods. This dual benefit-environmental restoration combined with economic incentives-is attracting broader participation from agricultural and rural communities.
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Comprehensive Market Report Highlights & Segmentation Analysis:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest India carbon credit market share. It includes forecasts for the period 2026-2034 and historical data from 2020-2025 for the following segments.
Analysis by Type:
★ Compliance
★ Voluntary
Analysis by Project Type:
★ Avoidance/Reduction Projects
★ Removal/Sequestration Projects
★ Nature-based
★ Technology-based
Analysis by End-Use Industry:
★ Power
★ Energy
★ Aviation
★ Transportation
★ Buildings
★ Industrial
★ Others
Regional Analysis:
★ North India
★ South India
★ East India
★ West India
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Other key areas covered in the report:
★ COVID-19 Impact on the Market
★ Porter's Five Forces Analysis
★ Strategic Recommendations
★ Market Dynamics
★ Historical, Current and Future Market Trends
★ Market Drivers and Success Factors
★ SWOT Analysis
★ Value Chain Analysis
★ Comprehensive Mapping of the Competitive Landscape
★ Top Winning Strategies
★ Recent Industry News
★ Key Technological Trends & Development
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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★ India Pharmaceutical Market👉https://www.imarcgroup.com/india-pharmaceutical-market
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ABOUT US
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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