The PRAKRITI 2025 (Promoting Resilience, Awareness, Knowledge, and Resources for Integrating Transformational Initiatives) is an International Conference on Carbon Markets, organized by the Bureau of Energy Efficiency (BEE) under the Ministry of Power. The conference brought together global experts to discuss carbon market mechanisms, challenges, and opportunities in India’s transition to a low-carbon economy.
Key Insights from PRAKRITI 2025
- India’s Carbon Market & Global Influence
- India’s carbon market is significantly impacted by global policies like the EU’s Carbon Border Adjustment Mechanism (CBAM).
- CBAM imposes a carbon price on imported goods, affecting high-emission sectors like steel, cement, and aluminum.
- Urgent domestic policy reforms are required to mitigate potential trade barriers and ensure competitiveness.
- Understanding Carbon Markets
- Carbon markets function under Article 6 of the Paris Agreement, allowing businesses to buy and sell carbon credits.
- These credits support emission reduction projects, such as renewable energy, afforestation, and carbon capture technologies.
- India’s Role in Global Carbon Markets
- India ranks 2nd globally in Clean Development Mechanism (CDM) project registrations under the Kyoto Protocol.
- The Perform, Achieve, and Trade (PAT) scheme has saved over 106 million tonnes of CO₂ since 2015.
- India is developing a National Carbon Trading Market to enhance decarbonization efforts across industries.
- Bureau of Energy Efficiency (BEE) & Its Role
- Established in 2002 under the Energy Conservation Act, 2001.
- Operates under the Ministry of Power, focusing on reducing India’s energy intensity.
- Develops energy efficiency policies and coordinates with industries, state governments, and international organizations.
Significance of PRAKRITI 2025
- Aligns India’s climate action strategies with Net Zero Emissions by 2070.
- Strengthens India’s stance in global carbon negotiations.
- Encourages private sector participation in carbon credit trading.
- Enhances India’s ability to tackle climate change while ensuring economic growth.
Challenges & Way Forward
- Regulatory Framework: Need for clear policies and legal mechanisms for carbon trading.
- Infrastructure & Monitoring: Development of transparent verification mechanisms for carbon credits.
- Global Trade Impact: Addressing concerns related to EU CBAM and other carbon tariffs.
- Public Awareness: Promoting climate literacy and stakeholder participation.
PRAKRITI 2025 is a significant step in India’s journey towards sustainable development and carbon neutrality. By strengthening domestic carbon markets, integrating global best practices, and encouraging innovation, India can enhance its leadership in global climate action while securing a low-carbon future.
