In order to help with the energy shift, India’s green energy businesses including Adani Green, a subsidiary of billionaire Gautam Adani’s Adani Group and carbon offsetters such as EKI Energy Services have joined forces to create a market for carbon credits.
India, one of the top emitters of greenhouse gases worldwide, wants to achieve net-zero emissions by 2070.
The need for a strong carbon trading market is underscored by Prime Minister Narendra Modi’s desire for India to develop into an industrial powerhouse while also reducing emissions by 60 million tonnes annually by 2030. According to Manish Dabkara, president of the recently established Carbon Market Association of India, “a domestic market that is built on unity and close consultation with important sector partners can enormously speed the country’s transition to becoming carbon neutral.”
EKI Energy Services, which conducts business in carbon offsetting, is owned by Dabkara.
In addition to other companies, the group comprises Virescent Infra, a worldwide private equity leader owned by KKR, and Hero Future Energies, Ayana Renewable Power, and others.
According to Dabkara, it seeks to serve as a middleman between the government and businesses to promote the sale of carbon credits, which would indicate higher growth that is carbon neutral.
A bill to create carbon trading, the Energy Conservation (Amendment) Bill 2022, was approved by the lower house of parliament in August.
Governments and business organisations can obtain carbon credits under a carbon trading plan by lowering their greenhouse gas emissions. Markets allow for the purchase and sale of identical credits.
