The Gujarat Pollution Control Board (GPCB) launched India’s first emissions trading system (ETS) in 2019 in the form of a large-scale pilot programme in the city of Surat with 350 highly-polluting industries participating. In the clean air market, the government sets a cap on emissions and allows industries to buy and sell permits to stay below the cap. Since its launch, the Surat clean air market has reduced particulate emissions in the city by about 20-30 percent without any measured increase in industry operating costs. Building on this success, the program is now expanding to other cities within Gujarat and beyond.