Taxing or trading our environmental sins?

A wider portfolio of policies, applicable to all competitors, are needed before businesses consider deep mitigation actions

Arunabha Ghosh & Vaibhav Chaturvedi

Record-breaking temperatures and extreme weather events leave no choice but to act on climate change. At the United Nations, the prime minister announced a higher target of 450 gigawatts of renewables. India takes climate action seriously. But the less others act, the more India’s development options get constrained by a shrinking global carbon budget. Renewables and energy efficiency are not enough; emissions must be reduced in industry and transport too. If India were to be more aggressive on mitigation — in the most cost-effective way — what instruments should it ...