India's Upcoming Carbon Trading Platform to Spur Renewable Energy Transition

The anticipated launch of a carbon trading platform in India by September is poised to accelerate the nation’s renewable energy transition, according to a senior official. This development aligns with India's ambitious target of achieving 500GW of renewable energy by 2030.

Central Electricity Authority Chairman Ghanshyam Prasad highlighted the platform as crucial due to stagnant power purchase agreements. The authority is exploring market structures to accommodate larger renewable capacities. Additionally, a proposed scheme aims to motivate thermal plants to reduce usage, favoring renewable integration.

Minister of State for Power Shripad Yesso Naik emphasized the ongoing energy transformation under Prime Minister Modi’s vision, aiming for 500GW of non-fossil capacity by 2030. Recent growth in solar capacity is part of broader efforts, including the National Green Hydrogen Mission, to fortify India’s energy system.