Reducing Carbon Footprint! IEX Becomes India's First Carbon-Neutral Power Exchange, Know More

Indian Energy Exchange (IEX), a leading trading platform for energy, announced on December 14 that it had become the first power exchange in the country to use market-based tradable instruments to offset its carbon emissions. EKI Energy Services Limited, the top worldwide energy, carbon credits, and quality management service provider in the country, served as the sustainability partner of the exercise by offering guidance and consultation.

IEX offers a national automated trading platform for delivering electricity, renewable energy, and certificates, including renewable energy and energy efficiency. The exchange platform improves the speed and efficiency of trade execution while facilitating effective price discovery, expanding the accessibility and transparency of the energy market in India.

According to the statement, IEX voluntarily revoked Certified Emissions Reductions (CERs) from clean projects registered under the United Nations Framework Convention on Clean Development Mechanism of Climate Change to decrease its carbon footprint.

Leading India's Energy Transition

An individual or business can purchase a carbon offset to lessen its carbon footprint. It is considered carbon-neutral when the quantity of carbon offset credits earned is equivalent to its carbon footprint. A person or organisation's carbon footprint is the sum of all the carbon dioxide and other greenhouse gases that result from their actions, including direct and indirect emissions.

By establishing an ecosystem for emissions reduction, IEX is committed to helping India reach its Net Zero emissions target. IEX's dedication to climate mitigation will also benefit businesses and sectors that want to be identified with an organisation that values the environment and will allow them to make a significant contribution to the crucial problem of climate change, according to Mint.

According to SN Goel, the chairman and managing director, the company continues to commit to India's aspirations of Net Zero emissions. It is honoured to achieve another milestone as a carbon-neutral exchange. He said this accomplishment represents yet another milestone in their 15-year journey toward sustainably facilitating India's energy transition.

Zero Carbon Emissions By 2070

The United Nations Environment Programme (UNEP) 2022 report states that global greenhouse gas (GHG) emissions must be reduced by 45 per cent by 2030 to stay on pace to keep global warming to 1.5 degrees. Around 53 GTCO2eq were projected to be the total world GHG emissions in 2021. The necessity of reducing GHG emissions was also reaffirmed at the recently concluded COP 27 summit.

India aims to achieve zero carbon emissions by 2070. According to the UN's Emissions Gap Report (EGR), India was the third-largest volume emitter of carbon dioxide in 2020, even though its per-capita emissions were lower than the global average. India has promised to cut the emissions intensity of its GDP by 45 per cent by 2030 as part of its Nationally Determined Contributions (NDC).

India has also reaffirmed its commitment to maintaining forest cover, which serves as a carbon sink, and its objective to generate 50 per cent of its electricity from non-fossil fuel sources by 2030.

Also Read: Indian Railways Set To Become 'Net Zero Carbon Emitter' By 2030