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Target net-zero emissions: Gujarat govt signs MOU to set up first carbon market

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The Gujarat government has signed an MOU with Energy Policy Institute, University of Chicago and JPal of South Asia with the aim of becoming the first state in the country to set up a carbon market.

In line with Prime Minister Narendra Modi’s commitment to achieve net-zero emissions by 2070, the Gujarat government has signed an MOU with Energy Policy Institute, University of Chicago and JPal of South Asia with the aim of becoming the first state in the country to set up a carbon market.

The MOU (memorandum of understanding) was signed in the presence of Gujarat Chief Minster Bhupendra Patel and state energy minister Kanubhai Desai. In a statement, the government said it believes new investments will come in large numbers in Gujarat and that it will become a leading example for the nation in the field of CO2 market.

Renewable energy contributes 50 per cent to the energy mix to reduce carbon emissions to approximately 1 billion tons. The Gujarat government said that it is the largest vibrant economy in the country and a major contributor to greenhouse gas emissions.

The world’s first emissions trading scheme for particulate matter is in Surat, the Gujarat government said. It was launched in 2019 jointly by the forest, environment and climate change Department, the Central Pollution Control Board and the Gujarat Pollution Control Board.

About 350 highly polluted industries in Surat are taking advantage of this project and the air has been purified as the emissions of the industries have been reduced by 24 per cent. Following this success, the Gujarat Pollution Control Board is now expanding the project to Ahmedabad, Vapi, Vadodara and Bharuch.

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