An excerpt from the KEYNOTE research report:
In Q3 FY23, IEX incorporated a wholly-owned subsidiary, ICX, to leverage
opportunities in the carbon market, for which it is closely working with agencies
like the Bureau of Energy Efficiency (BEE), major carbon exchanges, and
potential players in this space. ICX will enable participants to buy and sell
voluntary carbon credits at competitive prices through its transparent & reliable
Exchange platform, helping large corporates meet their ESG requirements. By
facilitating the companies to meet their climate commitments goals, ICX will
help India achieve its target of reducing the carbon emission of its GDP by 45%
by 2030 to limit global warming to 1.5 degrees Celsius.
Presently, ~500 Mn units of carbon credits are traded globally. Based on a study
by McKinsey, by 2030, this is expected to reach 1,500- 2,000 Mn units in trading
volume. India is expected to sell ~200 Mn carbon credits, with demand from
Indian corporations are expected to be ~120-130 Mn units by 2030.
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