PRAKRITI 2025, the International Conference on Carbon Markets brought together experts, policymakers, industry leaders, and practitioners from across the globe. The conference, organised by the Bureau of Energy Efficiency under the Ministry of Power and the Ministry of Environment, Forest and Climate Change, was inaugurated by Manohar Lal, Hon’ble Minister of Power and Housing & Urban Affairs on February 24, 2025. This event, a flagship initiative of the Government of India, focused on global carbon market trends, challenges, and the future of these markets.

Thomas Kerr, Lead Climate Change Specialist at the World Bank, chaired the opening plenary session on “Private Sector Perspectives on Indian Carbon Market (ICM).” He discussed how the Indian Carbon Market does not operate in isolation, stressing the influence of global carbon pricing policies on Indian industries.

He particularly pointed out the European Union’s Carbon Border Adjustment Mechanism (CBAM) and its potential impact on Indian exports in sectors like steel and aluminium, 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.” Kerr also encouraged India’s active participation in the global carbon market, stating, “If you build it, they will come.”

The second day of the conference featured thematic addresses and plenary sessions on key topics such as: Incentivising Renewable Energy Developers through Carbon Markets, Development in Article 6 and Opportunities for India, Bringing Price Transparency in Global Carbon Marketplace, Role of Ecosystem-Based Interventions in Achieving Net-Zero Goals, Climate Tech Startups for Sustainable Development, and Leveraging Finance for Clean Technologies. These sessions were led by senior government officials and industry experts, ensuring a broad range of insights into current issues and future opportunities.

PRAKRITI 2025 witnessed participation from various ministries of the Indian government, including the Ministry of Power, Ministry of Environment, Forest and Climate Change, and the Ministry of Agriculture. Key stakeholders also included financial institutions, corporates, international NGOs, and PSUs. With over 600 delegates and 80+ experts engaged in discussions, the conference demonstrated the collaborative efforts of various sectors in addressing climate challenges and fostering a unified approach to carbon markets and sustainability.

In addition to the plenary sessions, Dia Mirza, Actor, Producer, and National Goodwill Ambassador for the United Nations, graced the event. She participated in a fireside chat moderated by Saurabh Diddi, Director of the Bureau of Energy Efficiency.

During the conversation, she shared her perspective on individual responsibility in combating climate change. “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 said.

PRAKRITI 2025 has proved to be an essential platform for global collaboration in the field of carbon markets. As India works towards its climate goals, this conference will play a crucial role in shaping future policies and initiatives aimed at combating climate change.