Pankaj Agarwal, Secretary, Ministry of Power, held a bilateral meeting with Gerassimos Thomas, Director-General for Taxation and Customs Union, European Commission, in New Delhi to discuss India's carbon market development, the European Union's (EU) Carbon Border Adjustment Mechanism (CBAM) and opportunities for enhanced technical cooperation.
During the meeting, Agarwal highlighted India's progress under the Carbon Credit Trading Scheme (CCTS), including the notification of emission intensity reduction targets for 490 industrial units and ongoing efforts to develop the domestic carbon market. He also underlined India's progress in increasing the share of non-fossil sources in its electricity generation capacity, noting that non-fossil sources account for 308 GW of the country's total installed capacity of 558 GW.
The EU side appreciated India's progress in developing its carbon market and shared developments relating to CBAM implementation. Both sides expressed willingness to continue technical engagement on recognition of carbon pricing mechanisms, monitoring, reporting and verification (MRV) systems, and capacity building. Both sides agreed to deepen cooperation and facilitate continued dialogue on carbon markets, CBAM-related methodologies and other areas of mutual interest.
