Carbon credits market helps India to achieve sustainable growth: Power Minister

India will launch its carbon credits market by 2026: Union Power Minister Manohar Lal

New Delhi: Minister for Power Manohar Lal Khattar on Monday said that Carbon Credits market is not merely a policy matter but it will play a crucial role in achieving the sustainable growth in the country.

Launching the the international conference on carbon markets, (Prakriti) here, the Minister said “India will soon launch its first carbon market which will support industries in meeting global carbon emission norms and reducing reliance on fossil fuels”

Sharing the government’s vision on the critical role of carbon markets in tackling climate change, Monohar Lal emphasized the importance of transitioning to renewable energy (RE) to reduce dependence on fossil fuels and achieve emissions targets.

“We are committed to reduce the carbon emissions reduce GDP emission intensity by 45% by 2030 and achieve 50% electric power from non-fossil fuels”.

He underscored the need for climate policies that ensure “real, verifiable, and fraud-proof carbon reductions” making India’s sustainability transition both ambitious and achievable.

The two day conference Prakriti 2025, aimed to promote resilience, awareness, knowledge, and resources for integrating transformational climate initiatives.

It also provides a high-level platform for national and international experts, policymakers, industry leaders, to engage in discussions and exchange ideas on the global carbon market’s current trends, challenges, and future directions.

Speaking at the event, additional Secretary, Ministry of Power, Akash Tripathi said “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.”

“The conference provided an in-depth understanding of the functioning and processes of the Indian Carbon Market (ICM) while offering insights into the global carbon market’s dynamics, opportunities, and challenges” said the official statement.