Carbon market can become the backbone of India's transition strategy, says former MNRE secy

New Delhi, Feb 27 (PTI) India's emerging carbon trading framework can transform climate ambitions into measurable economic action, former MNRE secretary Bhupinder Singh Bhalla said on Friday.

Carbon market can become the backbone of India's transition strategy. Carbon markets help bridge the massive financing gap required for net-zero by mobilizing private investment at scale, Bhalla said, addressing FICCI's India Energy Transition Summit.

"If implemented effectively, India's emerging carbon trading framework can transform climate ambition into measurable economic action, making decarbonisation not just an environmental necessity, but a competitive advantage," he said.

Central Electricity Authority Chairman Ghanshyam Prasad on Thursday had said that the carbon trading platform is likely to be functional in India by September, which will be a driver for renewable energy transition.

Speaking on energy transition, Narendra Bhooshan, Additional Chief Secretary, UPNEDA, Government of Uttar Pradesh said the goal can be achived with timely implementing the policies announced by the central government. "Uttar Pradesh is progressing rapidly in the area of renewable energy. Various clean projects are being implemented in the state," Bhooshan said. PTI ABI ABI MR