Transitioning To Renewable Energy Is Essential For Achieving Emissions Targets: Union Minister

The Indian Government recognises the critical role of carbon markets in tackling climate change. "Transitioning to renewable energy is essential to reducing our dependence on fossil fuels and achieving our emissions targets," said Manohar Lal Khattar, Union Minister for Power, while inaugurating Prakriti 2025 (Promoting Resilience, Awareness, Knowledge, and Resources for Integrating Transformational Initiatives), an international conference on carbon markets.

He further highlighted India's cultural heritage, saying, "Our traditions, such as Ganga Deep Puja and Govardhan Puja, reflect the nation’s deep-rooted ecological consciousness and can complement modern sustainability efforts."

Emphasising the need for robust climate policies, he added, "It is crucial to ensure that our carbon reduction measures are real, verifiable, and fraud-proof, making India’s sustainability transition both ambitious and achievable."

Additional Secretary, Ministry of Power, Akash Tripathi, stated,“The Indian Carbon Market Ensures that the target notification aligns with buyer and seller needs in the carbon market. The focus is to implement a strategy to minimize emissions through cost-effective measures.” He further added, “As part of the compliance mechanism, there will be a gradual implementation of carbon reduction targets, with a 40% reduction by 2027 and the remaining by 2030.”

Director, Bureau of Energy Efficiency, Saurabh Diddi delivered the vote of thanks to the Hon’ble Minister of Power and Housing & Urban Affairs for gracing the event with his presence and sharing his insightful thoughts on striking an ecological balance inspired by our traditional practices. He thanked the panelists, the World Bank, and IETA for their support, emphasizing technology’s role in ensuring transparency in carbon markets. He also acknowledged PwC’s contribution and highlighted India’s policy-driven, tech-enabled approach to a green economy, positioning ICM as a model for emerging markets.

Prakriti 2025 provided a high-level platform for national and international experts, policymakers, industry leaders, researchers, and practitioners to engage in discussions and exchange ideas on the global carbon market’s current trends, challenges, and future directions. By bringing together global leaders and experts, the event advanced discussions on innovative solutions for a sustainable, low-carbon future.