1st International Conference on Carbon Market Prakriti inaugurated
Summit and Conference
5 min read
The first International Conference on Carbon Markets-Prakriti was held in New Delhi on 24 &25th February 2025. The Conference brought together the experts, policymakers, industry leaders, researchers, and practitioners of carbon credit certificate trading.
The Conference was organised with the aim of understanding the workings of the Indian carbon market and how to deepen and develop it. It also discussed the latest trends in the global carbon credit market and their dynamic.
Organiser of the International Conference on Carbon Markets-Prakriti
- The first International Conference on Carbon Markets-Prakriti was organised by the Bureau of Energy Efficiency (BEE).
- The BEE is under the Union Ministry of Power.
Who inaugurated the International Conference on Carbon Markets-Prakriti?
- The International Conference on Carbon Markets-Prakriti was inaugurated by the Union Minister for Power and Housing & Urban Affairs, Manohar Lal Khattar.
What is Carbon Credit?
The 1997 Kyoto Protocol on Climate Change introduced carbon credits for countries that accepted targets for limiting or reducing their greenhouse gas emissions emissions.
The 2015 Paris Agreement on Climate Change allows countries to transfer carbon credits earned from the reduction of greenhouse gas emissions to help one or more countries meet their climate targets.
Carbon credits or carbon offsets refer to reducing or removing greenhouse gases from the environment. It is popularly called carbon credit as, initially, carbon dioxide was considered the main culprit for global warming.
The carbon credits are measured in tonnes of carbon dioxide equivalent.
Thus, if India plants a large number of trees and, in one year, the trees absorb two tonnes of carbon dioxide from the environment, then India will earn two carbon credits.
A competent authorized body will certify this, and India will be issued two carbon credit certificates.
India can sell these two carbon credit certificates to the United States of America, which is finding it difficult to meet its carbon reduction target.
The buying and selling of carbon credit is called the carbon market.
Carbon credit is emerging as a huge market in the world, and it is open to companies. It is treated as a commodity and traded on the commodity exchange.
Many companies are using innovative technology and management practices to earn carbon credits and earn additional sources of revenue.
Carbon Trading in India and BEE
India has also announced its nationally determined contribution goals under the 2015 Paris Agreement. It has set a target to achieve net zero carbon emissions by 2070.
To encourage the companies to contribute to achieving this goal, the government of India is also keen on developing a robust carbon credit and carbon market.
The Bureau of Energy Efficiency has established a national framework for the Indian Carbon Market by pricing greenhouse gas emissions through the trading of carbon credit certificates.
