India launches energy market

India will have the world’s first market for trading in energy savings. Under the National Action Plan on Climate Change, the power ministry has prepared the blueprint for trading in energy by industrial plants that save energy beyond the targets set for them. Under the plan, formulated by the Bureau of Energy Efficiency (BEE) under the National Mission on Enhanced Energy Efficiency and earlier announced in principle by the PM’s climate change council, the government will set mandatory targets to be achieved by each large industrial unit and plant in energy intensive sectors, which include cement, aluminium, steel, power, textiles, fertilizers, railway, paper and pulp industries. The plan, which is to be brought soon before the PM’s climate council for the final approval, will set in place the first such open market in the world for energy savings.

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