As India searches for scalable solutions to its pollution crisis, leaders across government, industry, philanthropy, and research came together at a session hosted by the Emissions Market Accelerator (EMA), as part of the Mumbai Climate Week. On February 18, 2026, the panel discussion titled “Scaling Pollution Markets for Cleaner Air and Water” brought together diverse stakeholders to reflect on lessons from implementation and pathways for expansion across India.
Opening remarks by Sam Ori, Executive Director of the Institute for Climate and Sustainable Growth at the University of Chicago, framed the discussion within a broader global effort to design durable, data-driven climate policy. He highlighted the growing importance of institutional partnerships in translating research insights into actionable environmental reform.
Building on this foundation, Dr. Kaushik Deb, Executive Director, EPIC India and EMA, traced the journey of EMA from research to real-world impact. His remarks reflected on how rigorous evidence, sustained engagement with regulators, and industry participation enabled the development and launch of India’s first particulate matter emissions trading scheme in Surat, demonstrating how market mechanisms can deliver environmental outcomes alongside economic efficiency. A short EMA film further illustrated this transition from academic research to policy implementation, offering participants a closer look at how emissions trading systems function on the ground.
Special remarks by Mathilde Carraro, Director of Portfolio Impact at The Earthshot Prize, connected these efforts to the global climate innovation ecosystem. Reflecting on EMA’s recognition as an Earthshot finalist, she emphasised how scalable solutions emerge when innovation is paired with long-term collaboration and institutional commitment.
The session then moved into the central panel discussion moderated by Dr. Deb, featuring Dr. Shirish Sinha, Executive Director of Programmes, The Clean Air Fund, Dr. Vidyanand Motghare, Former Joint Director, Maharashtra Pollution Control Board, Mr. Jitendra Vakharia, President, South Gujarat Textile Processors Association and Ms. Aparna Krishnan, Senior Advisor, J-PAL South Asia. Together, the panel unpacked the practical realities of scaling pollution markets.
A recurring theme was the evolution from traditional regulatory approaches toward outcome-based environmental governance. Dr. Motghare reflected on how emissions trading systems shift regulatory focus toward measurable results supported by continuous monitoring and transparent compliance frameworks. From an industry perspective, Mr. Vakharia shared how firms in Surat initially approached the system cautiously but increasingly recognised the operational benefits of real-time emissions data and predictable compliance pathways.
Panelists also underscored that evidence alone is not sufficient for scale. Ms. Krishnan highlighted the importance of institutional ownership and adaptive policymaking, while Dr. Sinha emphasised that durable clean air outcomes depend on embedding environmental priorities within mainstream economic and governance systems.
The discussion attended by more than 35 representatives from a range of institutions including media, philanthropic orgs, think tanks and regulatory agencies, reinforced a broader message emerging across Mumbai Climate Week: pollution markets are no longer experimental ideas. With strong institutional foundations, government leadership, and cross-sector collaboration, they are becoming viable policy instruments capable of delivering cleaner air, cleaner water, and sustainable growth.
The session concluded with closing remarks by Dr. Dheeraj Alshetty, Senior Research Manager at EPIC India, who reflected on the importance of continued partnership between policymakers, researchers, and industry to sustain momentum and scale impact in the years ahead.