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The article explores the potential for a vibrant carbon credit market in India, with experts highlighting the government's vision to create a trading platform similar to the stock market. Mustafa Wajid, co-founder of e-mobility firm BILLIONe, predicts that the country will open up opportunities to monetize carbon credits, leading to a dynamic exchange between different sectors. He cites Tesla as an example, where the company sold carbon credits to its rivals, indicating the potential for a profitable market.
The discussion at the NDTV World Summit further delves into the challenges of establishing a carbon market. Wajid acknowledges that policy development and implementation will be crucial, with a target for launch in 2026. He emphasizes the potential for de-carbonization and sustainability to be monetized, ultimately boosting companies' bottom lines. However, experts like Ajay Pillai from Deloitte point out the obstacles to implementing ESG (Environmental, Social, and Governance) factors across industries.
These challenges include data availability and quality, lack of awareness and expertise, and sometimes, a lack of intent to integrate sustainability into business models. Gagandeep Sethi, Senior Vice-President of Pernod Ricard India, emphasizes the need for policy and regulatory support to encourage businesses to embrace ESG principles, particularly in the early stages. While initial steps towards sustainability may be cost-neutral or even profitable, significant investments are required when ESG is incorporated into design and re-engineering processes.
The article underscores the importance of incorporating sustainability into long-term business strategies. Experts like Pillai advocate for integrating practices like water conservation and waste management, acknowledging that although initial investments may be necessary, they are essential for future preparedness and resilience. The article concludes by emphasizing the potential of carbon credit trading to contribute to environmental goals while also creating a profitable market in India.
Source: NDTV World Summit: Vibrant Market For Carbon Credits Soon?