New Delhi: Power Secretary Pankaj Agarwal and Gerassimos Thomas, the European Commission’s Director-General for Taxation and Customs Union, met in New Delhi on Monday. At the meeting, India and the European Union (EU) agreed to keep talking about carbon markets and the methodologies of the EU’s Carbon Border Adjustment Mechanism (CBAM).
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The two sides “agreed to strengthen cooperation and facilitate continued dialogue on carbon markets, CBAM-related methodologies and other areas of mutual interest,” the Ministry of Power said in a statement.
CBAM puts a price on the carbon emitted in producing certain goods imported into the EU, and it shared the agenda with India’s own carbon market. “Discussions focussed on India’s carbon market development, the EU’s Carbon Border Adjustment Mechanism (CBAM), and opportunities for enhanced technical cooperation,” the ministry said.
Agarwal set out India’s progress under the Carbon Credit Trading Scheme (CCTS). According to the statement, he cited “the notification of emission intensity reduction targets for 490 industrial units and the development of the domestic carbon market.”
He also spoke about the power sector’s shift towards cleaner generation. Non-fossil sources “account for 308 GW of the country’s total installed capacity of 558 GW,” the ministry said.
The European Commission delegation, for its part, “appreciated India’s progress in developing its carbon market and shared developments relating to CBAM implementation,” according to the statement.
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Both sides indicated that the technical work would continue. “Both sides expressed willingness to continue technical engagement on recognition of carbon pricing mechanisms, monitoring, reporting and verification (MRV) systems, and capacity building,” the ministry said.