Consider a study on Gujarat’s Particulate Matter (PM) Emission Trading Scheme (ETS) in Surat, which is known to be the world's first market for trading particulate emissions.

The study observed a reduction in pollution by 20-30%.

It covered 162 plants, mainly in the textile sector.

Which of the following statements are correct about the Gujarat PM ETS?

1. It is the first ETS for PM emissions, unlike carbon or SO2 systems.

2. It initially set a total PM emission limit of 170 tonnes/month.

3. 80% of permits were auctioned to the industries based on their emission sources.

4. The ETS was developed in collaboration with various institutions, including EPIC and J-PAL.