Manohar Lal announces major climate initiative at India Power Summit 2026

India will launch formal trading in the domestic carbon market in the next four months. Union Power Minister Manohar Lal made this announcement on Saturday, March 21. This step will be crucial in reducing the country's carbon emissions and creating an economic framework for climate action.

During the India Power Summit 2026, the minister announced that formal trading in the carbon market will begin in the country in the next four months. He said that all stakeholders will need to register to participate in this scheme. The carbon market will be a mechanism to balance emissions. Companies with carbon certificates can sell them, while those without can buy them to meet their obligations.

Zero Carbon Emissions by 2070. The Union Minister also said that, in view of rising global temperatures, it is necessary to take immediate action on climate change. India has set a target of zero carbon emissions by 2070 under the Paris Agreement.

Manohar Lal said that greenhouse gas emission targets have been set for 490 organizations from 2026. They will have to take steps to reduce their carbon footprint. This carbon market will provide them with flexibility and economic incentives. Through the already running PAT scheme, approximately 110 million tonnes of carbon dioxide emissions have been reduced and energy efficiency has improved. In addition, a target has been set to install 200 million smart meters in the country, making it the largest program of its kind in the world.