Efforts on to create a carbon credits trading market in India

13 Oct 2022 , 09:30 AM

A market for carbon credits is being created in India by green energy providers like Adani Greens, a subsidiary of Adani Group, and carbon offsetters like EKI Energy Services in order to advance the country’s energy transformation objectives.

India, one of the top emitters of greenhouse gases worldwide, wants to achieve net-zero emissions by 2070.

The need for a strong carbon trading market is emphasized by Prime Minister Narendra Modi’s desire for India to develop into an industrial powerhouse while also reducing emissions by 60 million tonnes annually by 2030.

According to Manish Dabkara, president of the recently established Carbon Market Association of India, who talked to the media, “a domestic market that is built in unity and close consultation with important sector partners can enormously speed the country’s transition to becoming carbon neutral.”

EKI Energy Services, which conducts business in carbon offsetting, is owned by Dabkara.

In addition to other companies, the organization comprises Virescent Infra, a worldwide private equity leader owned by KKR, and Hero Future Energies, Ayana Renewable Power, among others.

According to Dabkara, it seeks to serve as a middleman between the government and business to promote the sale of carbon credits, which would indicate higher growth that is carbon neutral.

A bill to create carbon trading, the Energy Conservation (Amendment) Bill 2022, was approved by the lower house of parliament in August.

Government and business organizations can obtain carbon credits under a carbon trading plan by lowering their greenhouse gas emissions. Markets allow for the purchase and sale of identical credits.

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