New Delhi: The PHDCCI Carbon Markets Forum hosted an Interactive Session on the Indian Carbon Market which focused on the theme ‘Carbon Credit and Trading Scheme and its Impact on Indian Industry.’

Dr. Ranjeet Mehta, Executive Director at PHDCCI during his welcome address apprised that India's commitment to reducing carbon emissions by 45 percent by the year 2030 offers multifaceted opportunities for both industrial sectors and individuals to contribute to sustainable development. This commitment catalyzes fostering innovation, embracing renewable energy, and adopting environmentally conscious practices, thereby paving the way for a greener and more resilient future for all stakeholders.

Saurabh Diddi, Director, Bureau of Energy Efficiency in his keynote address emphasized that climate change is impacting all aspects of life and that every nation is working on reducing its carbon emissions. He stressed the necessity of achieving net-zero emissions. He highlighted India's pledge to reduce emission intensity by 45 percent, noting the nation's significant progress towards this goal. He emphasized the imperative of embracing an environmentally conscious lifestyle, rooted in India's inherently sustainable cultural and traditional practices. Furthermore, he articulated the importance of carbon markets in accelerating the achievement of Nationally Determined Contribution goals and informed that it will create the demand for emission reduction, and help mobilize investments.

Vikash Kumar Singh, Executive Director of Carbon Check provided insights from the industry's perspective, commending PHDCCI for convening such a crucial stakeholders' gathering. He underscored the pressing need for capacity building in offset crediting mechanisms within India, advocating for the establishment of an ecosystem conducive to knowledge enhancement. He highlighted the significance of bridging domestic and international markets to foster broader participation and integration, thereby fortifying the marketplace for offsets.

Dr. Jatinder Singh, Assistant Secretary General, PHDCCI extended gratitude to the session's experts and stakeholders during the vote of thanks.