New Delhi, Feb. 5 -- One of India's largest renewable power generators, Tata Power, has not participated in the country's nascent International Renewable Energy Certificates (IRECs) market-considered an alternative to carbon credits-citing a lack of buyers.

Praveer Sinha, Tata Power's managing director and chief executive officer, said policy intervention-in terms of target-based incentives and disincentives-is a must to breathe life into the IREC and carbon credit market in India.

"There are no buyers today," Sinha said. "In India, there is no regulation that incentivizes or penalizes heavy polluters for their emissions. Without that, carbon credits will not take off."

Tata Power has registered with Green Certificate Company ('GCC'), ...