PRAKRITI 2025 - International Conference on Carbon Market

Why in News?

• Power and Housing and Urban Affairs Minister Shri Manohar Lal inaugurated the International Conference on Carbon Market - PRAKRITI 2025.
  • PRAKRITI 2025 (Promoting Resilience, Awareness, Knowledge, and Resources for Integrating Transformational Initiatives)

Key Points:

• PRAKRITI 2025 was organized by the Bureau of Energy Efficiency (BEE) under the Ministry of Power, Government of India.
• ​​It brought together national and international experts, policy makers, industry giants, researchers and businessmen.
• The conference served as a major platform for in-depth discussions on trends, challenges and future paths of the global carbon market.
• Ms. Dia Mirza, Actor, Producer, National Goodwill Ambassador of UN attended the event.

Objective of PRAKRITI 2025:

• Its main objective is to understand the role of carbon markets and develop effective strategies to combat climate change.
• Key Objectives:
  • Understand the processes and functioning of the Indian carbon market
  • Discuss the dynamics, opportunities and challenges of the global carbon market
  • Promote renewable energy and green innovation
  • Strengthen carbon credits, offset mechanisms and compliance mechanisms
  • Encourage collaboration between government, industry and citizens

Carbon Market:

• It is a system where carbon credits are bought and sold to control and reduce greenhouse gas (GHG) emissions.
• This market incentivises governments, industries and organisations to reduce carbon emissions.

Bureau of Energy Efficiency (BEE):

• The Government of India established the Bureau of Energy Efficiency (BEE) on March 1, 2002 under the provisions of the Energy Conservation Act, 2001.
• Functions and Role:
  • Policy Support: To develop policies and programmes under the Energy Conservation Act, 2001.
  • Coordination: To coordinate with designated consumers, designated agencies and other organisations.
  • Resource Utilisation: To identify and ensure effective utilisation of existing resources and infrastructure.
  • Regulatory and Promotional Functions: To undertake regulatory and promotional functions to promote energy efficiency and conservation.