IEX, India’s premier energy market platform, facilitates India’s sustainability goals through its Green Market products and carbon-neutral certification.
Indian Energy Exchange (IEX), India’s premier energy market platform, works relentlessly to proliferate renewable energy through its green market products, as well as reduce its own carbon footprints through proactive environment-friendly initiatives. IEX is working closely with all stakeholders to fulfil its commitment towards supporting India’s Net Zero ambitions.
IEX Green Market Products Facilitate the Nation’s Green Goals
IEX Green Market, comprising green term-ahead market (GTAM), and the green day-ahead market (GDAM), is helping the nation meet its sustainability aspirations by creating a pan-India market for trading of renewables. This market allows power distribution companies to access real-time exchange-discovered prices and make optimal buy-sell decisions, as well as meet their renewable purchase obligations. The Green Market, along with the Real Time Market, ensures liquidity, competitive price discovery and flexibility to the market participants. It also incentivises renewable-rich states to generate beyond obligations, and sell surplus green power on the Power Exchange. Thus, this market encourages more merchant renewable capacity into the system and help meet India’s RE targets.
India’s First Carbon-neutral Power Exchange
IEX is the country’s first power exchange to be certified as carbon-neutral, using market-based tradable instruments to offset its carbon emissions. To reduce its carbon footprints, IEX voluntarily cancels CERs (certified emissions reductions) from clean projects registered under the Clean Development Mechanism of UNFCCC and used market-based tradable instruments.
This certification simultaneously enables IEX members and participants to reduce their Scope 3 emissions and build a greener value chain.
International Carbon Exchange
IEX has formed a wholly owned subsidiary – International Carbon Exchange – to provide a transparent and reliable marketplace for trading voluntary carbon credits. ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent & reliable platform and facilitate reduction of global GHG emission by 45% by 2030 to get on track to limit global warming to 1.5 degrees.
ICX will facilitate corporates to meet their climate commitments goals, provide a market signal for attracting further investments in sustainable projects and help corporates to allocate capex towards energy transition in the most optimum manner.
Company-focused Decarbonisation Initiatives
Recently, IEX partnered with BluSmart Mobility, India’s largest EV ride-hailing service and EV charging superhub infrastructure operator, for its employees. The fleet offers cabs with zero PM 2.5 & PM 5 emissions and zero tailpipe emissions. As part of this partnership, IEX riders will receive a CO2 tracker from BluSmart to check CO2 emission savings on every ride they take using the platform.
IEX has also taken steps to monitor and optimise its energy consumption. It ensures frequent monitoring of air handling units (AHUs) to optimise efficiency and reduce energy wastage. Its facilities are equipped with LED lights that consume significantly less energy than traditional lighting. Furthermore, all cabins have sensor-based lighting that turns off when no one is present, helping save electricity. Initiatives have been taken to reduce paper-usage, such as electronic invoicing, digital signatures, creating sustainable restrooms, and online document sharing, with the aim to gradually go paperless. The company proactively uses recycled paper or jute bags, and consciously avoids any kind of plastic usage. Indoor plants are used extensively to green the office space and improve air quality.
Speaking on the initiatives, Vineet Harlalka, CFO, Company Secretary and Compliance Officer at IEX, said, “IEX is committed to contribute towards fulfilling India’s sustainability targets by creating an ecosystem that internalises the ethos of decarbonisation. In this context, we have taken humble efforts to reduce the organisation’s carbon footprints. Further, through our Green Market products – comprising Green Day-Ahead, Green Term-Ahead markets and Renewable Energy Certificates – IEX will continue to support enable India’s sustainable energy transition.”
