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EARTHOOD BRINGS TOGETHER INDUSTRY LEADERS TO DISCUSS INDIAN CARBON MARKET TRENDS AND POLICIES

Sh. Ashwini Kr. Choubey, Union Minister of State for the Ministry of Environment, Forest, and Climate Change, graced the summit and shared his views on the importance of climate issues and sustainable practices, with special reference to the carbon market in India.

Earthood, a group dedicated to inspiring global action on climate change through education, advocacy, and innovative solutions, organised the Earth Climate Summit. The summit, which was organised along with Renew Power, the Indian Carbon Alliance, Creduce, Carbon Secure, and BluSmart, saw participation from over 60 organisations, including major domestic as well as global corporations. Sh. Ashwini Kr. Choubey, Union Minister of State for the Ministry of Environment, Forest, and Climate Change, graced the summit and shared his views on the importance of climate issues and sustainable practices, with special reference to the carbon market in India.

The Earth Climate Summit was designed for industry experts, professionals, thought leaders, environmental advocates, and environmentally conscious individuals who are passionate about climate issues and sustainable practices and work in the climate change, sustainability, and ESG space. The summit fostered knowledge exchange, networking opportunities, and inspiring insights into climate-related challenges and solutions. It covered sessions on India’s Roadmap to a Carbon-Neutral Economy by 2050: Decarbonisation Strategies and Progress Prospects and the Potential of India’s Emerging Carbon Credit Market: Opportunities and Implications. The summit included two lively panels, each focusing on a different aspect of sustainability and climate-conscious practices.

The first panel focused on Policies and Perspective: Carbon Markets in India. Panellists discussed the current policy landscape related to carbon trading, carbon pricing, and emissions reduction targets in India and explored potential benefits for Indian industries, like additional revenue streams through carbon credit sales.

The following panel highlighted the decarbonisation of the Indian economy by 2050. Panellists discussed the need for increased investments in clean technologies and infrastructure to support decarbonisation goals. They also spoke about the consideration of India’s position in international climate negotiations and its potential to inspire and influence other developing economies in their decarbonisation journeys.

Launching the summit, Dr. Kaviraj Singh, founder and managing director of Earthood, shared his views on the importance of climate change and decarbonisation to meet India’s commitments under the Paris Agreement. He said, “A domestic climate market aligned with ambitious goals of decarbonisation has the potential to solve many finance-related challenges. If a domestic carbon market scheme is implemented appropriately, it can set the framework for a $1 trillion opportunity for India’s transition to a green economy. India’s transition to a net-zero economy would not only create jobs in this sector but also take India’s economic impact to $1 trillion by 2030”.

Some eminent speakers included Deepak Gupta, ReNew Power; Dr Rajesh Sharma, ICFRE; Dr. Sanjay Vashistha, Firstgreen Consulting; Denis Deryushkin, Russian Centre for Energy Research; Umit Bhatia, JLL; Sushil Kumar Ojha, Vardhman Textiles; Anirudh Arun, BluSmart; Sanjiv Rangrass, Zetwerk; Nikhil Toshniwal, DeHaat; Colonel Rohit Dev, Reveille Energy.

Through the Earth Climate Summit, industry leaders sought to ignite conversations and inspire a transformative change in Indian carbon market policies. The summit, therefore, not only served as a forum to discuss market trends and futuristic sustainability practices but also as an avenue to discuss how transformation can be brought about through carbon market policies in the country. The summit elucidated the challenges of the industry, and shared experiences were talked about while the focus was on discussing potential solutions. This significant summit fostered reflection and understanding, propelling efforts towards progression and innovation on environmental fronts in India. The summit has laid the groundwork for future efforts, strengthening the resolve of all attendees to work towards ensuring an equitable, diverse, inclusive, and sustainable environment. It is a testament to the power of open dialogue and shared understanding to spark the necessary changes for a sustainable future.

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