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Manohar Lal inaugurates Prakriti 2025

Published: Feb 25, 2025

By TIOLCorplaws News Service

NEW DELHI, FEB 25, 2025: PRAKRITI 2025 (Promoting Resilience, Awareness, Knowledge, and Resources for Integrating Transformational Initiatives), the international conference on carbon markets, was organised today in New Delhi. The conference aimed to promote resilience, awareness, knowledge, and resources for integrating transformational climate initiatives.

Prakriti 2025 provided a high-level platform for national and international experts, policymakers, industry leaders, researchers, and practitioners to engage in discussions and exchange ideas on the global carbon market's current trends, challenges, and future directions. By bringing together global leaders and experts, the event advanced discussions on innovative solutions for a sustainable, low-carbon future.

Dhiraj Srivastava, Chief Engineer, Ministry of Power, welcomed the distinguished guests, industry leaders, and global experts, expressing gratitude for their presence. He acknowledged the importance of collaboration in shaping India's sustainable energy future.

Hon'ble Union Minister for Power and Housing & Urban Affairs, Manohar Lal, inaugurated the event and shared the Indian Government's vision on the critical role of carbon markets in tackling climate change. He emphasized the importance of transitioning to renewable energy (RE) to reduce dependence on fossil fuels and achieve emissions targets. Hon'ble Minister also highlighted India's rich cultural heritage and traditional practices, such as Ganga Deep Puja and Govardhan Puja, which reflect the nation's deep-rooted ecological consciousness and can complement modern sustainability efforts. Additionally, he underscored the need for climate policies that ensure real, verifiable, and fraud-proof carbon reductions, making India's sustainability transition both ambitious and achievable.

Additional Secretary, Ministry of Power, Akash Tripathi, stated, "The Indian Carbon Market Ensures that the target notification aligns with buyer and seller needs in the carbon market. The focus is to implement a strategy to minimize emissions through cost-effective measures." He further added, "As part of the compliance mechanism, there will be a gradual implementation of carbon reduction targets, with a 40% reduction by 2027 and the remaining by 2030."

Director, Bureau of Energy Efficiency, Saurabh Diddi delivered the vote of thanks to the Hon'ble Minister of Power and Housing & Urban Affairs for gracing the event with his presence and sharing his insightful thoughts on striking an ecological balance inspired by our traditional practices. He thanked the panelists, the World Bank, and IETA for their support, emphasizing technology's role in ensuring transparency in carbon markets. He also acknowledged PwC's contribution and highlighted India's policy-driven, tech-enabled approach to a green economy, positioning ICM as a model for emerging markets.

The conference provided an in-depth understanding of the functioning and processes of the Indian Carbon Market (ICM) while offering insights into the global carbon market's dynamics, opportunities, and challenges.

The International Conference on Carbon Markets - PRAKRITI 2025, organized by the Bureau of Energy Efficiency (BEE) under the Ministry of Power, brought together global leaders and experts from various sectors to discuss and explore innovative approaches in addressing climate change through carbon markets.

Throughout the conference, experts such as Ajay Mathur, Director General of the International Solar Alliance, Mr. Marcos Castro, Senior Climate Change Specialist at the World Bank, and Leena Nandan, former Secretary, Ministry of Environment, Forest, and Climate Change, led the technical discussions on carbon markets. They delved into critical topics such as Development of Carbon Markets, Compliance Mechanisms, Developing Infrastructure for Functional Carbon Markets, Offset Mechanism, Carbon Credits, and global carbon market dynamics. The event served as a platform for thought leaders to exchange ideas and discuss strategies for advancing carbon markets and climate action globally.

More than just a conference, Prakriti has distinguished itself as one of the most comprehensive and significant events for learning, sharing knowledge, and exploring opportunities for collaboration in the global effort to combat climate change. Prakriti 2025 will build on this momentum, marking a landmark milestone in India's climate calendar and  the international climate dialogue.

The conference will continue on Day 2 with plenary sessions focusing on Private Sector Perspectives on the Indian Carbon Market, Incentivizing Renewable Energy developers through Carbon Markets, and a thematic track on the Role of Ecosystem-Based Interventions in Achieving Net-Zero Goals.

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