India, April 21 -- When it comes to carbon pricing, the two most talked about instruments are the emissions trading scheme (ETS) and the carbon tax. What is not equally known is the voluntary carbon market (VCM), though it has been around since sometime in the late 1980s. VCM allows carbon emitters to offset their avoidable emissions by purchasing carbon credits that are generated by projects targeted to remove all or a part of the former's greenhouse gas (GHG) emissions. Though VCM has grown in size over the last five years, it is still a fraction of the ETS market. In 2024, the total value of ETS was about $113 billion whereas VCM adds up to only about $1.7 billion....