Crisil-backed report seeks market-driven strategy for India to achieve net-zero emissions by 2070

By Jag Jivan*

A new report launched by Eversource Capital in partnership with Crisil highlights the critical role of emissions intensity-based targets in the development of a robust and effective carbon market in India. The report, titled "Building a Global Carbon Market: Accelerating India's Progress Towards Net Zero," was unveiled by Yogieta Mehra, Joint Secretary of the Central Electricity Regulatory Commission, at an event attended by industry leaders, policymakers, and experts.

The report emphasizes that carbon markets present a significant opportunity for India to reconcile its emission reduction goals with its economic growth imperatives. It advocates for a phased, inclusive, and transparent market design tailored to India's unique socio-economic context, underpinned by strong governance, credible verification mechanisms, and broad stakeholder alignment.

Dhanpal Jhaveri, CEO of Eversource Capital, stated, "A well-designed carbon market represents a pivotal opportunity for India to align climate ambition with economic growth. We believe emissions intensity-based targets offer a pragmatic and scalable foundation for market development. Over time, a robust and credible carbon pricing mechanism will unlock capital, accelerate decarbonisation, and create investable pathways across hard-to-abate sectors."

The report argues that India should initially focus on emissions intensity targets to balance low-carbon growth with economic competitiveness. It suggests a gradual transition to absolute emission caps as the market matures. This evolution is projected to accelerate India's shift towards a low-carbon economy, fostering innovation and attracting investment in clean energy technologies.

The report outlines several key recommendations for the design of India's carbon market, including leveraging technology for reliable and transparent Monitoring, Reporting, and Verification (MRV) processes, establishing effective market infrastructure for carbon credit trading, ensuring a well-designed demand-supply balance, strategically determining market coverage across sectors and pollutants, defining credit allocation and progressively stricter emission targets, and implementing strict penalties with revenues directed towards clean energy initiatives.

The report underscores the pivotal role of a market-driven strategy in supporting India's long-term climate commitment to achieve net-zero emissions by 2070. It stresses the importance of setting carbon prices above the marginal abatement cost for hard-to-abate sectors to incentivize investments in cleaner alternatives and significant emissions reductions.

Pranav Master, Senior Practice Leader and Director at Crisil Intelligence, commented, "We are pleased to launch this report, which provides a comprehensive framework for building a sustainable and scalable carbon market in India. Our aim is to foster collaboration among key stakeholders and help position India as a global leader in carbon markets."

---

*Freelance writer

Comments

Academics urge Azim Premji University to drop FIR against Student Reading Circle

By A Representative A group of academics and civil society members has issued an open letter to the leadership of Azim Premji University expressing concern over the filing of a police complaint that led to an FIR against a student-run reading circle following a recent incident of violence on campus. The signatories state that they hold the university in high regard for its commitment to constitutional values, critical inquiry and ethical public engagement, and argue that it is precisely because of this reputation that the present development is troubling.

Was Netaji forced to alter face, die in obscurity in USSR in 1975? Was he so meek?

By Rajiv Shah This should sound almost hilarious. Not only did Subhas Chandra Bose not die in a plane crash in Taipei, nor was he the mysterious Gumnami Baba who reportedly passed away on 16 September 1985 in Ayodhya, but we are now told that he actually died in 1975—date unknown—“in oblivion” somewhere in the former Soviet Union. Which city? Moscow? No one seems to know.

Love letters in a lifelong war: Babusha Kohli’s resistance in verse

By Ravi Ranjan* “War does not determine who is right—only who is left.” Bertrand Russell’s words echo hauntingly in our times, and few contemporary Hindi poets embody this truth as profoundly as Babusha Kohli. Emerging from Jabalpur, Madhya Pradesh, Kohli has carved a unique space in literature by weaving together tenderness, protest, and philosophy across poetry, prose, and cinema. Her work is not merely artistic expression—it is resistance, refuge, and a call for peace.

UAPA action against Telangana activist: Criminalising legitimate democratic activity?

By A Representative The National Investigation Agency's Hyderabad branch has issued notices to more than ten individuals in Telangana in connection with FIR No. RC-04/2025. Those served include activists, former student leaders, civil rights advocates, poets, writers, retired schoolteachers, and local leaders associated with the Communist Party of India (CPI) and the Indian National Congress.

Asbestos contamination in children’s products highlights global oversight gaps

By A Representative A commentary published by the International Ban Asbestos Secretariat (IBAS) has drawn attention to the challenges governments face in responding effectively to global public-health risks. In an article written by Laurie Kazan-Allen and published on March 5, 2026, the author examines how the discovery of asbestos contamination in children’s play products has raised questions about regulatory oversight and international product safety. The article opens by reflecting on lessons from the COVID-19 pandemic, noting that governments in several countries were slow to respond to early warning signs of the crisis. Referring to the experience of the United Kingdom, the author writes that delays in implementing protective measures contributed to “232,112 recorded deaths and over a million people suffering from long Covid.” The commentary uses this example to illustrate what it describes as the dangers of underestimating emerging threats. Attention then turns...

Aligning too closely with U.S., allies, India’s silence on IRIS Dena raises troubling questions

By Vidya Bhushan Rawat* The reported sinking of the Iranian ship IRIS Dena in the Indian Ocean near Sri Lanka raises troubling questions about international norms and the credibility of the so-called rule-based order. If indeed the vessel was attacked by the American Navy while returning from a joint exercise in Visakhapatnam, it would represent a serious breach of trust and a violation of the principles that govern such cooperative engagements. Warships participating in these exercises are generally not armed for combat; they are meant to symbolize solidarity and friendship. The incident, therefore, is not only shocking but also deeply ironic.

The kitchen as prison: A feminist elegy for domestic slavery

By Garima Srivastava* Kumar Ambuj stands as one of the most incisive voices in contemporary Hindi poetry. His work, stripped of ornamentation, speaks directly to the lived realities of India’s marginalized—women, the rural poor, and those crushed under invisible forms of violence. His celebrated poem “Women Who Cook” (Khānā Banātī Striyāṃ) is not merely about food preparation; it is a searing indictment of patriarchal domestic structures that reduce women’s existence to endless, unpaid labour.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

India’s foreign policy at crossroads: Cost of silence in the face of aggression

By Venkatesh Narayanan, Sandeep Pandey The widely anticipated yet unprovoked attack on Iran on March 1 by the United States and Israel has drawn sharp criticism from several quarters around the world. Reports indicate that the strikes have resulted in significant civilian casualties, including 165 elementary school girls, 20 female volleyball players, and many other civilians.

Search This Blog