U.K. recognises India's carbon credit scheme under its carbon tax mechanism: official

The U.K. has recognized India's Carbon Credit Trading Scheme (CCTS) as a qualifying criterion for pricing relief under its carbon border adjustment mechanism (CBAM). This decision, announced by the U.K.'s HM Treasury, will reduce the tax burden on domestic exporters by allowing Indian goods to seek carbon price relief corresponding to the effective carbon price borne by those goods under the CCTS.

This move comes after sustained technical-level engagement between the two governments on the design and implementation of the CCTS.

Brief written by urgent.news from The Hindu's own syndicated text. Machine-written — may contain errors; check the original before relying on it.