India, May 21 -- India has emerged as one of the world's largest new carbon markets with the launch of its Carbon Credit Trading Scheme in 2026, as global carbon pricing systems now cover 29 per cent of greenhouse gas (GHG) emissions and annual revenues from emissions trading systems and carbon taxes crossed $107 billion in 2025, according to a new World Bank report.

The report, State and Trends of Carbon Pricing 2026, says India's new emissions trading system currently covers seven sectors and around 490 industries, with estimated coverage of approximately 477 million tCO2e, making it one of the world's largest newly implemented carbon pricing systems.

Globally, average carbon prices have nearly doubled over the past decade, rising fro...