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Bhopal, Jan 15 (PTI) Madhya Pradesh should position itself as a leader in India’s carbon market landscape as it is uniquely positioned to take the lead in the sector, experts said on Wednesday.
Key stakeholders from government, industry, and civil society met in Bhopal to deliberate on the transformative potential of carbon markets in Madhya Pradesh.
An event titled “Strengthening the State of Madhya Pradesh to Leverage Benefits and Opportunities from Carbon Markets” was organised by the Environmental Planning and Coordination Organisation (EPCO) under the state government’s Environment Department and WRI India.
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It brought together experts to discuss strategies for integrating carbon finance into the state’s climate and development plans.
“State governments, such as Madhya Pradesh, are uniquely positioned to take the lead in engaging with Article 6 mechanisms. This approach can not only mobilise finance but also demonstrate leadership in climate action.
“By tackling challenges like capacity building and establishing institutional frameworks, Indian states can fully harness the opportunities provided by carbon markets,” Saransh Bajpai, Associate Program Director at WRI India, said on the occasion.
The meeting concluded with a call to action for Madhya Pradesh to position itself as a leader in India’s carbon market landscape.
“Climate actions are moving towards greater economic viability, and carbon markets are playing an ever more important role in this transition. Carbon trading is now viable for several sectors in Madhya Pradesh, including solar energy and waste management,” Additional Chief Secretary, Department of New & Renewable Energy, Manu Shrivastava said, delivering the keynote address.
Through capacity-building convening like this, we aim to learn how to better incorporate carbon markets into our projects, he added.
He pointed out that carbon markets are emerging as a viable mechanism to address the twin challenges of climate finance and emission reductions.
Policymakers and industry leaders at the convening hailed carbon markets as a critical tool for achieving climate targets while driving economic growth.
Discussions revolved around the global status of carbon market architecture, India’s evolving domestic market, and sector-specific opportunities for Madhya Pradesh. PTI MAS BAL BAL
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