Big sectors like steel, cement, and aluminium are only asked to cut emissions by 2–5% by 2026-27; targets so low, they’re basically achievable without overhauling anything. Even the price of carbon credits? Just ₹955 per tonne; barely a pinch for giants making crores in profit. And here’s the kicker: the power sector, which causes over half of India’s emissions, isn’t even included in the mandatory rules. It’s voluntary. That’s like trying to fix a leaky roof while ignoring the main pipe. The report from Climate Risk Horizons warns; without tougher targets, independent regulation, and inclusion of power, this market won’t drive real climate action. It might just become a way for big polluters to pay their way out of change. And that’s not ambition. That’s compromise.