New Delhi: India and the European Union have agreed to continue discussions on carbon markets and the methods used under the EU’s Carbon Border Adjustment Mechanism (CBAM), the Power Ministry said on Monday. The meeting took place in New Delhi between Power Secretary Pankaj Agarwal and Gerassimos Thomas, the European Commission’s Director-General for Taxation and Customs Union.
The meeting focused on India’s carbon market development, CBAM and opportunities for closer technical cooperation. The two sides said they would strengthen dialogue on carbon markets, CBAM related methodologies and other areas of mutual interest.
Agarwal outlined progress under India’s Carbon Credit Trading Scheme (CCTS). He said emission intensity reduction targets have been notified for 490 industrial units, while the domestic carbon market is being developed. He also noted that non-fossil sources account for 308 GW of India’s total installed electricity capacity of 558 GW.
The European Commission delegation appreciated India’s work on its carbon market and shared updates on CBAM implementation. The two sides expressed willingness to continue technical engagement on recognising carbon pricing mechanisms, monitoring, reporting and verification systems, and capacity building.
CBAM puts a price on carbon emissions linked to certain goods imported into the EU.
