Indian Institute of Technology Madras (IIT Madras) Energy Consortium organized an 'Industry Day 2023' to discuss decarbonizing the Indian economy.

The event saw participation from industry giants like Shell, Baker Hughes, FLSmidth, Aditya Birla, Cummins, Chevron Tech Ventures, and Infosys.

The workshop focused on energy efficiency and carbon trading in the industrial and commercial building sectors, aiming to develop strategic initiatives and projects.

The Energy Conservation Act, 2001, was amended in December 2022 by the Indian Parliament to promote energy consumption, efficiency, and carbon trading.

Cummins India, a leading manufacturer of engines and power generation equipment, highlighted their commitment to a sustainable future as a founding member of the Energy Consortium.

Key outcomes from the event included the launch of the TREND Setter program for decarbonization research, opportunities for MSMEs to adopt energy efficiency measures, and the promotion of awareness about carbon trading.

The Energy Consortium, led by Prof. Satyanarayanan Seshadri, is supporting research projects focused on green ammonia, carbon capture, battery materials, and sustainable aviation fuels, aiming to deliver significant outcomes in 12 to 18 months.

Energy efficiency, considered the first fuel against climate change, has been underutilized in India, but efforts are being made to increase implementation rates of energy efficiency recommendations.

The Energy Consortium and its industry partners are collaborating on research in energy storage, carbon capture, sustainable aviation fuels, ammonia production, and power electronics, addressing national energy challenges.

The workshop aimed to gather input from industry, regulators, financial institutions, and energy auditors to identify challenges and opportunities for implementing energy efficiency recommendations.

Carbon markets and trading in carbon credits and emission certificates gained global prominence, but there is a need for clarity in the Indian context.

India aims to reduce emissions intensity by 45% by 2030 and has been implementing the Perform, Achieve, and Trade scheme involving the procurement and trading of energy saving certificates.