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Thomas Kerr, Lead Climate Change Specialist at the World Bank, has said the European Union's Carbon Border Adjustment Mechanism (CBAM) will impact Indian exports, particularly in steel, aluminium, and other high-emission industries.
Kerr, who chaired and moderated the opening plenary session on Private Sector Perspectives on Indian Carbon Market (ICM), in PRAKRITI 2025 (Promoting Resilience, Awareness, Knowledge, and Resources for Integrating Transformational Initiatives), said that the Indian carbon market does not operate in isolation, as global carbon pricing policies will influence India's industries. Businesses must prepare for these shifts, he said. He highlighted the impact of the European Union's Carbon Border Adjustment Mechanism (CBAM) on Indian exports, particularly in steel, aluminium, and other high-emission industries, stating, "The European Union's Carbon Border Adjustment Mechanism (CBAM) will impact Indian exports, particularly in steel, aluminium, and other high-emission industries. This calls for urgent action in domestic carbon markets." Encouraging India's active participation, he added, "If you build it, they will come. PRAKRITI 2025, an International Conference on Carbon Markets, concluded on February 25, bringing together national and international experts, policymakers, industry leaders, researchers, and practitioners, a press release of Ministry of Power said. The conference was inaugurated on February 24, 2025, by Power and Housing and Urban Affairs Minister Manohar Lal. As a flagship initiative of the Government of India, organized by the Bureau of Energy Efficiency under the patronage of the Ministry of Power and the Ministry of Environment, Forest and Climate Change, PRAKRITI 2025 served as a premier platform for in-depth discussions on global carbon market trends, challenges, and future pathways, the release said. Dia Mirza, Actor, Producer, National Goodwill Ambassador for United Nations participated in an impactful fireside chat moderated by Saurabh Diddi, Director, Bureau of Energy Efficiency. Speaking of her role in making a change in the climate change scenario, she called for elimination of single-use plastic. "As an individual, I have the capacity to change the way I live and hopefully thereby bring some change in the world. Big change will only occur when it starts from the top down because behaviours sometimes take hundreds of years to change." She commended the Government of India for its initiatives under LiFE (Lifestyle for Environment), highlighting its role in promoting mindful consumption and leading a global movement. Additionally, she emphasized the importance of engaging children and youth to drive meaningful change in climate conversations. "My dream sustainability project, if finances didn't have any upper limit, would be one, to eradicate each and every unit of single use plastics, and two, a scenario where every resource comes in the circular economy," she said. Ashok Lavasa, Former Finance Secretary, delivered a thematic address on Governance, Transparency, and Accountability in Climate Finance and Carbon Markets. His speech highlighted the complexities of global carbon markets and the challenges India faces in developing a robust system. "Strong MRV frameworks, fair benefit distribution, and strategic market alignment are crucial to India's success in the carbon economy. International collaboration is necessary, but India must develop policies tailored to its own needs and challenges," he said. (ANI)
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