New Delhi, October 6 (PTI) Gujarat’s Emission Trading-Scheme for Particulate Pollution, which has been developed with the help of researchers from the Emission Market Accelerator (EMA), has been named a finalist for the 2025 Economot Award, which is one of the world’s most important environmental awards.
A joint initiative of the Energy Policy Institute at EMA, the University of Chicago (EPIC) and Abdul Latif Jamil Post Action Lab (J-PAL) helped in the Gujarat design and launched the world’s first cap-end-trade market for particle pollution in the industrial city.
The initiative has been selected as one of the three finalists under the “Clean Under Air” category of the Economot Award.
EMA-affiliated researchers worked with the Gujarat Pollution Control Board (GPCB) to implement the market-based approach, which replaced the traditional pollution-control methods with a cap-and-tride system, allowing industries to purchase and sell emission permits. Use caused a sharp decline in particles pollution, better compliance and high profit for industries.
“The Gujarat Emission-Travel Scheme is an excellent will how the financial market-based approach can solve serious pollution challenges in fast-developing economies worldwide,” said Jason Kannof LVO, Chief Executive Officer of Economot Award.
One of the researchers leading the use of EMA co-head Michael Greenstone and Gujarat emission market said, “For decades, emission markets were seen something that was almost especially a regulatory tool for America, European Union and other rich countries. Gujarat market serves as an important evidence of this concept that emission markets can work from these areas.
Greenstone said that emission markets are particularly favorable for countries where economic growth is a priority and where most of the world’s pollution and greenhouse-gaise burden exist.
Out of the most polluted air top 50 countries, nine is located in the south. In addition, 82 percent of the CO2 emissions in the remaining century is estimated to be there, he said.
The use of pilot in Surat showed that the firms in the emission market reduced pollution by 20 to 30 percent compared to those under traditional rules.
To follow this, industries cost 11 percent less, while profits increased. Non-transported at any time fell by about one third of all plants, sometimes reduced to 1 percent.
EMA co-chairman Bala Srinivasan said, “The market proved to be an important policy tool, which is in line with the Government of India’s efforts to pursue environmentally friendly economic policies. Gujarat opened a completely new way to environmental and economic policies in emerging economies.
After the success of Surat Pilot, Gujarat has started the second emission market in Ahmedabad.
About two crore people in Gujarat are now breathing the air. The state is also working with the EMA to set up sulfur-dioxide and waste water-business markets.
GPCB Member Secretary Deung M Thechar said, “An economy award is a proud milestone for the Gujarat Pollution Control Board and the Emission Market accelerator.”
“This is an international recognition of a solution born in Gujarat that changes the world, it is the ability to change how the world addresses industrial pollution,” he said.
Construction on the success of Gujarat, the EMA team is now supporting a sulfur-dioxide market in Maharashtra and designing a market in Rajasthan with a plan to expand India and abroad.
The 2019 Nobel-Lariat Esther Duffle, co-founder and director and director of J-pale said, “The leadership of Gujarat shows the leadership of Gujarat in the emission market testing and scaling, how governments can run large-scale solutions in emerging economies, which benefit people, economy and planets.”
Economot awards launched by Prince William in 2020, solution aimed at repairing the planet. This year’s 15 finalists have been selected from around 2,500 nominations from 72 countries. The winners will be announced at an award ceremony at Rio de Janeiro, Brazil on 5 November.
