This is different from India's Carbon Credit Trading Scheme (CCTS), which issues carbon credits but not carbon price. First, whether compliance with CCTS constitutes a “carbon price” under the Article 9, when a firm complying with its obligations pays nothing for doing so. By mid-2026 India's own Carbon Credit Trading Scheme (CCTS) is due to see its first compliance-market trades. The EU's own Emissions Trading System by contrast is an absolute economy-wide cap moving toward full auctioning of covered tonnes. 9 and definitional provisions on “carbon price.”