Shri Pankaj Agrawal, Secretary, Ministry of Power, held a bilateral meeting with Mr. Gerasimos Thomas, Director General, Taxation and Customs Union, European Commission, in New Delhi today. The discussions focused on the development of IndiaтАЩs carbon market, the EUтАЩs Carbon Border Adjustment Mechanism (CBAM), and opportunities for enhanced technical cooperation.
The Power Secretary highlighted IndiaтАЩs progress under the Carbon Credit Trading Scheme (CCTS), including the notification of emission intensity reduction targets for 490 industrial units and the development of a domestic carbon market. He also highlighted IndiaтАЩs progress in increasing the share of non-fossil sources in power generation capacity, noting that 308 GW of the countryтАЩs total installed capacity of 558 GW comes from non-fossil sources.
The EU commended the progress made by India in developing its carbon market and shared developments related to the implementation of the Carbon Pricing Mechanism (CBAM). Both sides expressed their desire to continue technical cooperation on the validation, monitoring, reporting and verification (MRV) systems and capacity building of carbon pricing mechanisms.
Both sides agreed to strengthen cooperation and facilitate continued dialogue on carbon markets, CBAM-related mechanisms and other areas of mutual interest.
