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Business News/ Companies / News/  IEX becomes India’s first carbon-neutral power exchange
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IEX becomes India’s first carbon-neutral power exchange

According to the UNEP 2022 report, global greenhouse gas (GHG) emissions must be cut 45% by 2030 to get on track to limit global warming to 1.5 degrees. Total global GHG emissions were estimated at around 53 GTCO2eq in 2021

The recently concluded COP 27 reiterated the need to ramp-down GHG emissions. (Photo: iStock)Premium
The recently concluded COP 27 reiterated the need to ramp-down GHG emissions. (Photo: iStock)

New Delhi: Energy trading platform Indian Energy Exchange (IEX) became the country’s first carbon-neutral power exchange, using market based tradable instruments to offset its carbon emissions, the company said in a statement on Wednesday.

“To reduce its carbon footprint, IEX voluntarily cancelled CERs (certified emissions reductions) from clean projects registered under the Clean Development Mechanism of United Nations Framework Convention on Climate Change," it said.

“We are honoured to achieve another milestone as a carbon-neutral exchange, as we further our commitment towards India’s net zero ambitions. This achievement is yet another milestone in our 15-year journey towards enabling India’s energy transition in a sustainable manner," said SN Goel, chairman and managing director at IEX.

IEX’s commitment towards climate mitigation will support corporates and industries who want to be associated with an environmentally responsible organisation and will enable them to contribute towards the critical challenge of climate change.

According to the UNEP 2022 report, global greenhouse gas (GHG) emissions must be cut 45% by 2030 to get on track to limit global warming to 1.5 degrees. Total global GHG emissions were estimated at around 53 GTCO2eq in 2021.

The recently concluded COP 27 reiterated the need to ramp-down GHG emissions. India has set a target to net zero emissions by 2070.

IEX said it is committed to fulfilling India’s net zero emissions target by creating an ecosystem for reducing emissions.

In becoming India’s first carbon-neutral power exchange, IEX had EKI Energy as the sustainability partner, which provided it with advisory and consultancy services in this climate action exercise, said a press release.

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Published: 14 Dec 2022, 03:45 PM IST
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