India and the European Union (EU) have agreed to strengthen technical cooperation on carbon markets and discuss the implementation of the EU’s Carbon Border Adjustment Mechanism (CBAM). The discussions were held in New Delhi on October 12 between Power Secretary Pankaj Agarwal and European Commission official Gerassimos Thomas. Both sides explored collaboration on carbon pricing, emissions monitoring, verification systems, and capacity building to support the development of carbon markets.
India highlighted progress under its Carbon Credit Trading Scheme (CCTS), including the notification of emission-intensity reduction targets for 490 industrial units. It also reported that non-fossil energy sources account for 308 GW of the country’s total installed electricity generation capacity of 558 GW. The EU acknowledged India’s progress in developing its domestic carbon market, and both sides agreed to continue technical discussions on CBAM implementation and related climate policies.
Reference: ANI News