What challenges lie ahead as India develops its carbon and green credit markets?

In the previous video, we explored the two June 2023 notifications from the government of India, which aimed to establish a market for carbon credits and green credits.
In this video, M Ramesh focuses on the potential pitfalls that may arise as India develops its carbon credit market and green credit market.
One significant challenge lies in creating demand.
The second challenge relates to baseline setting. Apart from these two primary challenges, there are several other issues that need resolution. For example, should there be a secondary market for carbon and green credits, thereby allowing speculators to participate? Can individuals buy carbon credits, similar to purchasing shares, and later sell them for a profit? Allowing speculators would deepen the carbon market, but it could also mean that credit generators do not benefit from high carbon prices.
The enthusiasm to generate more credits would only arise if credit generators obtained favorable prices for carbon.
Additionally, the question of whether derivatives should be allowed, including futures and options with carbon credits as underlying assets, remains unanswered.
There are numerous obstacles to overcome before India can establish a vibrant carbon market. However, it is crucial to view these challenges as problems that can be resolved over time.
Story: M Ramesh, Producer: Siddharth MC, Thumbnail design: V Nivedita.
Chapters
00:00-01:20 -Introduction.
01:20-06:20- Challenge 1: Creation of demand.
06:20-10:20-Challenge 2: Fixing of baselines.
10:20-11:18-Conclusion.
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[@SaiPraneethMullapudi]

And for setting a cap on the industries how about setting different targets for newly commissioned and old commissioned plants within the same sector?

[@bsvenkatesa5258]

Need usecases of established markets to understand its potential..few Indians are already exist in intl market will it attract them?

[@SaiPraneethMullapudi]

Sir how about selling the excess carbon credits and green credits to foreign companies as well which don't have base in India through either open market or B2B deals?
But for that the Indian Carbon and green credits should be acceptable in other countries right. For that how about using diplomacy and making trade of carbon credits part of future FTAs or other trade extension pacts?