New Delhi, February 27 India's developing carbon trading framework can turn climate ambitions into measurable economic action, said former MNRE Secretary Bhupinder Singh Bhalla on Friday.
The carbon market can become the backbone of India's transition strategy. Carbon markets help bridge the massive financing gap required for achieving 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 had said on Thursday that the carbon trading platform is likely to be functional in India by September, which will be a driver for the transition to renewable energy.
Speaking on energy transition, Narendra Bhooshan, Additional Chief Secretary, UPNEDA, Government of Uttar Pradesh, said that the goal can be achieved by timely implementing the policies announced by the central government. "Uttar Pradesh is making rapid progress in the area of renewable energy. Various clean projects are being implemented in the state," Bhooshan said.
