India's green energy companies, such as Adani Green, owned by billionaire Gautam Adani's Adani Group, and carbon offsetters like EKI Energy Services, have come together to develop a carbon credit market to help achieve energy transition goals.
India is one of the world's biggest greenhouse gas emitters and it aims to reach net-zero emissions by 2070.
Prime Minister Narendra Modi wants India to become an industrial powerhouse while also cutting emissions by 60 million tonnes a year by 2030, highlighting the importance of a robust carbon trading market.
"A domestic market that is formed in unison and close consultation with relevant industry stakeholders can tremendously accelerate the country's transition to become carbon neutral," Manish Dabkara, president of the newly formed Carbon Market Association of India, told the media on Oct. 11.
Dabkara owns EKI Energy Services, which deals in carbon offsetting business.
The association includes Hero Future Energies, Ayana Renewable Power and global private equity major KKR's Virescent Infra, among several others.
It aims to act as a mediator between government and industry to facilitate trade of carbon credits, which would imply increased carbon neutral growth, Dabkara said.
The lower house of parliament passed an Energy Conservation (Amendment) Bill 2022 in August that seeks to establish carbon trading.
Under a carbon trading scheme, government and private entities can earn carbon credits by reducing their greenhouse gas emissions. The same credits can be bought and sold in markets.
2023-01-25 - Arena Energy's acquired interests add to the company's ownership interest in the Eugene Island 330 and South Marsh 128 fields in the U.S. Gulf of Mexico.
2023-01-23 - The joint venture between CGX Energy Inc. and Frontera Energy Corp. begins drilling in Guyana as the region becomes an oil exploration hot spot.
2022-12-19 - Here’s a roundup of the latest E&P headlines including new contracts and regulatory announcements in the upstream oil and gas industry.
2022-12-21 - The discovery indicates a promising outlook to both companies holding 50% interest in the area.
2022-12-20 - 2022 saw a 10-year record number of offshore floating production units sanctioned, with more expected in the coming year.