Power Secretary Pankaj Agarwal held a bilateral meeting with European Commission's Director General for Taxation and Customs Union Gerassimos Thomas in New Delhi on October 12, 2026. The discussions focused on India's carbon market development, the EU's Carbon Border Adjustment Mechanism (CBAM), and opportunities for enhanced technical cooperation between the two parties.
Secretary Agarwal highlighted India's significant progress under the Carbon Credit Trading Scheme (CCTS), specifically noting the notification of emission intensity reduction targets for 490 industrial units and the ongoing development of the domestic carbon market. He also emphasized India's achievement in increasing the share of non-fossil sources in electricity generation capacity, revealing that non-fossil sources now account for 308 GW out of the country's total installed capacity of 558 GW.
The European Commission representatives appreciated India's progress in carbon market development and shared updates regarding CBAM implementation. Both sides expressed willingness to continue technical engagement on several key areas including recognition of carbon pricing mechanisms, monitoring, reporting and verification (MRV) systems, and capacity building initiatives. The meeting concluded with an agreement to strengthen cooperation and facilitate continued dialogue on carbon markets, CBAM-related methodologies, and other areas of mutual interest.