India, EU Discuss Carbon Markets, CBAM and Technical Cooperation

New Delhi, Oct 13 (KNN) India and the European Union discussed carbon market development, the EU’s Carbon Border Adjustment Mechanism (CBAM) and technical cooperation during a meeting between Power Secretary Pankaj Agarwal and European Commission Director-General for Taxation and Customs Union Gerassimos Thomas in New Delhi.

Agarwal highlighted progress under India’s Carbon Credit Trading Scheme (CCTS), including the notification of emission intensity reduction targets for 490 industrial units and the development of the domestic carbon market.

He also said non-fossil sources account for 308 GW of India’s total installed power generation capacity of 558 GW.

The European Commission delegation shared updates on CBAM implementation and acknowledged India’s progress in developing its carbon market.

Both sides agreed to continue technical discussions on the recognition of carbon pricing mechanisms, monitoring, reporting and verification systems, CBAM-related methodologies and capacity building.

(KNN Bureau)