Should the pursuit of carbon credits and clean development mechanisms set up under UNFCCC be maintained even though there has been a massive slide in the value of a carbon credit? Discuss with respect to India's energy needs for economic growth.

Lets you weigh whether carbon credit markets deliver value to Indian farmers, with a current case and its limits.

• India's first farm-level soil carbon payments, under Grow Indigo's 'Aadi' programme and Verra's VM0042 standard, averaged ₹3,000 to ₹15,000 per farmer; farmers get upfront payments or 75% of net credit proceeds.
• The first payments cover 2019 to 2022 on about 30,000 acres, generating over 50,000 credits.
• Flag volatile voluntary market prices, contested credibility, costly verification and small payouts; India's Carbon Credit Trading Scheme, 2023 offers a domestic framework.

Argue that carbon credits remain worth pursuing because India's domestic carbon market now also protects export competitiveness, not only supports energy-intensive growth.

• India's Carbon Credit Trading Scheme, notified on 28 June 2023 under the Energy Conservation (Amendment) Act, 2022, sets emission intensity targets for aluminium, cement and iron and steel units.
• Units beating targets earn Carbon Credit Certificates (one tonne of CO2 equivalent each); laggards must buy them, with BEE administering the market.
• The UK has recognised the CCTS for relief under its CBAM from 1 January 2027, so carbon prices paid in India can reduce border charges on Indian steel and aluminium.