By Mewati Sitaram
With India accelerating towards its net-zero targets, experts, policymakers, and industry leaders gathered at the World Trade Center Mumbai for a seminar on “Forests & Finance: Carbon Markets as Catalysts for Climate Investment.” The event, jointly organized by MVIRDC WTC Mumbai and the All India Association of Industries (AIAI), drew 150 participants to explore the role of carbon markets in India’s climate transition.
India is developing its carbon market through the Carbon Credit Trading Scheme (CCTS) under the Energy Conservation (Amendment) Act, 2022. The scheme introduces compliance and voluntary trading systems to achieve the country’s Nationally Determined Contribution of cutting emissions intensity by 45 percent by 2030 and reaching Net Zero by 2070. The seminar followed the Union Minister’s recent announcement that India has reached 50 percent non-fossil fuel capacity, signaling a stronger push for nature-based solutions.
In his address, Dr. Vijay Kalantri, Chairman of MVIRDC WTC Mumbai and President of AIAI, called for consistent climate policies and financial strategies to integrate India’s natural resources into the economy. “India has incredible natural capital in its forests. Aligning this with financial value ensures ecology and economy thrive together,” he said, stressing that carbon credits make climate action a tradable asset to attract green investments.
Priya Pansare, Director, Trade and Investment Promotion, WTC Mumbai, underscored the urgency of incorporating forests into climate finance strategies.
Dr. Vijay Kalantri with Dr. Rohini Chaturvedi at the WTC Mumbai seminar
India’s 81 million hectares of forests act as a major carbon sink, yet this potential remains untapped. Experts highlighted that while over 360 million carbon credits have been issued, challenges such as unclear carbon ownership, regulatory delays, and lack of community recognition persist. Small businesses and startups could drive solutions in monitoring, reporting, verification, and agroforestry, provided financing and regulatory hurdles are addressed.
Key speakers included Arvind Kumar Jha, former PCCF of Maharashtra, who warned of climate risks like food insecurity without effective carbon markets. Dr. Rohini Chaturvedi called for ecological and social integrity, while Swapan Mehra of IORA Ecological Solutions emphasized forests as GDP contributors and advocated large-scale restoration. Ashwini Hingne of WRI India highlighted MSME opportunities, and Dr. Pradeep Reddy Punnam of IIT Bombay presented cost-effective carbon removal strategies such as biochar and agroforestry.
The seminar concluded with recommendations for stronger state-national coordination, scaling projects to attract institutional finance, and simplifying community engagement. As India moves towards its 2070 net-zero goal, forests and carbon markets are set to become central to climate finance.
Editor in Chief : Mewati SItaram
