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Time of India
24-04-2025
- Business
- Time of India
India's greenhouse gas emission intensity target sets stage for market-led decarbonisation, say experts
Mumbai: India's Ministry of Environment, Forest and Climate Change recently came out with a draft notification setting greenhouse gas emission intensity (GEI) reduction targets for two years, beginning 2025-26, covering 282 obligated entities in various sectors such as aluminium and cement. According to Dhanpal Jhaveri, CEO, Eversource Capital , the draft notification marks a significant inflection point in India's climate policy landscape. 'By setting intensity-based emission reduction targets across 282 industrial entities, the government is not only raising the bar for accountability but also laying the groundwork for a more resilient, low-carbon economy,' he said. Jhaveri added that this is India's first sector-wide regulatory framework for decarbonisation — and it's both pragmatic and progressive. 'It recognises the need to balance industrial growth with climate commitments, while introducing a clear market mechanism for carbon trading and enforceable penalties for non-compliance. These are precisely the signals long-term capital has been waiting for,' he said. He further added that this would enable sustainable value creation, spur innovation, reallocate capital to efficient players, and drive a new competitiveness rooted in low-carbon advantage. 'We're committed to supporting businesses that are forward-thinking, compliant, and climate-aligned. This is not just about meeting targets — it's about building companies that are future-ready, both financially and environmentally,' Jhaveri added. The notification was issued under the compliance mechanism of the Carbon Credit Trading Scheme , 2023. According to the draft, if these industries do not meet their GEI targets, they will have to purchase carbon credit certificates from the Indian carbon market. In case an entity fails to comply with this, the Central Pollution Control Board will then impose a penalty for the shortfall. According to Atanu Mukherjee, CEO, Dastur Energy, it is a positive and timely step towards accelerated industrial decarbonisation , and an important precursor to the creation of friction-free and functioning carbon markets . He, however, added that an administered penalty-based scheme may not be the most economically or socially expedient approach to foster adoption of carbon pricing mechanisms. 'It may be more effective to use carbon markets for price discovery — identifying where mitigation is most cost-effective — and then apply that price not as a penalty, but as the basis for structured cash or credit incentives,' he said. Mukherjee added that these incentives could be directed toward mandatory, trackable emission reduction investments by emitters, thereby combining the efficiency of markets with the directionality of policy.
Time of India
21-04-2025
- Business
- Time of India
Anmol Jaggi pitched strategic changes at BluSmart ahead of Sebi crackdown
Hours before the Sebi interim order unmasking irregularities at Gensol Engineering, BluSmart cofounder Anmol Singh Jaggi wrote to shareholders pitching three strategic options for the EV ridehailing platform, including becoming an Uber fleet partner and selling the business to PE firm Eversource Capital. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Hours before a Sebi interim order revealed the irregularities at Gensol Engineering Ltd, cofounder Anmol Singh Jaggi tried to sell shareholders on three roadmaps for the company's EV taxi arm, BluSmart As per the email, seen by ET, Jaggi listed three "strategic options" under consideration for BluSmart. The three options were shifting fleet operations to Uber; interim funding from VC firm BP Ventures; and an asset sale to Eversource Capital , securing primary capital in the first proposal, BluSmart would have shifted its fleet operations to Uber to leverage the consumer ecosystem of the multinational ridehailing platform. The move was meant to improve the number of trips, and unit economics, in turn, while cutting operational expenses from Rs 95 crore to Rs 11 crore. It would not have required any legal restructuring, Jaggi stated in the an Uber platform partner would create new fundraising avenues for BluSmart, as it did for Everest Fleet and Zypp while operating on third-party platforms, he second proposal called for $6.8 million in funding from BP ventures , the venture capital arm of British oil major BP plc. This route would have effected "immediate leadership and governance changes", along with "removal of certain promoter rights and board powers", Jaggi's note to shareholders read. It would have also entailed transfer of treasury oversight and financial controls, it Ventures is an existing shareholder in BluSmart, having participated in multiple funding rounds for the EV ridehailing Read: BluSmart bond holders may invoke immediate repayment provisions Under the third route, Eversource Capital would have acquired BluSmart's EV ridehailing business in a slump sale and secondary transaction valued at up to Rs 400 crore. Further, the climate-focussed private equity firm would have infused up to Rs 800 crore in primary capital into a newly formed entity for fleet expansion, setting up charging stations and technology development. The transaction would have included a combination of asset acquisition and equity participation by designated shareholders, as well as regulatory approvals and due Capital would have integrated synergies between BluSmart and its portfolio company, Lithium Urban Technologies, and implemented fresh governance frameworks and ESOPs for key in 2014, Lithium Urban offers EV fleet and charging infrastructure to businesses. Eversource Capital had bought a majority stake in the startup in the first proposal had already been sent to Gensol shareholders on April 6, the other two were to be sent to them for voting. BluSmart closed operations after cofounders Anmol Singh Jaggi and Puneet Singh Jaggi were charged with siphoning funds and falsifying documents. According to an interim Sebi order, of the Rs 977.75 crore loaned to Gensol Engineering to buy EVs for BluSmart, the Jaggi brothers used Rs 262 crore for personal regulator has since banned Gensol and its promoters from the securities markets. Anmol Jaggi and Puneet Jaggi have stepped down from the company's board, in accordance with the Sebi Gensol and BluSmart are on the corporate ministry's radar for possible corporate governance violations, ET had reported.
