Key Takeaways from Carbon Credit Trading Scheme |Carbon Credit Trading in India| Enterclimate

#carbon #Credit Trading #Scheme,2023
Despite significant advances in "clean" and 'renewable' energy technologies, India remains heavily dependent on fossil fuels today. Conventional sources of power, such as coal and petroleum, release trapped CO2 into the environment, which is one of the most significant contributors to global warming, and every country across the globe is in search of innovative approaches to reduce GHG emissions, especially CO2. Though India is the leading country working towards sustainability, adopting greener technologies and renewable energy in its energy mix, the government has realised the need to back its approach with a policy framework that incentivises such actions.
The Green Credit Scheme, launched in June 2023, encourage the voluntary adoption of green technologies and activities, while the other credit-based policy framework, i.e. the Carbon Credit Trading Scheme (CCTS), aims to regulate a select group of industries responsible for substantial GHG emission and incentivise them for CO2 sequestration and adoption of green technology. In this video we will understand the key highlights of the CCTS policy and the concept of carbon Credit Trading.
What is the Carbon Credit Trading Scheme, 2023?
The Indian Parliament passed the Energy Conservation (Amendment) Bill 2022, which modifies the 2001 Energy Conservation Act. The Ministry of Power notified the Carbon Credit Trading Scheme 2023 and will soon notify the sectors obligated to comply with the regulations. To ensure that the identified entities’ percentage of total energy requirements come from non-fossil fuel sources, the government will release the modalities based on the Bureau of Energy Efficiency (BEE) recommendations. The Ministry of Environment, Forest, and Climate Change will notify the emission intensity target for obligated entities upon the request of the Ministry of Power. Emission intensity is the total amount of greenhouse gas emissions emitted for every unit of GDP.
As the main design elements of the policy instrument are being deliberated, the focus areas of the government include -
i) Identifying which sectors to be included in the trading scheme,
ii) developing emission trajectories and targets for the sectors to be included and
iii) Developing mechanisms to ensure the stability of the carbon price.
Let's look at the Highlights of the Carbon Credit Scheme.
Carbon credits are the primary recommendation of this policy mechanism, with a hint of carbon taxes in the future. The policy aims to reduce greenhouse gas (GHG) emissions by setting emission intensity reduction targets for selected entities obligated in alignment with India's Nationally Determined Contributions (NDC).
The central government will constitute a National Steering Committee, which will govern and oversee the overall carbon market. The Committee will be chaired by the Power Secretary and will have representation from several ministries, including Environment and Steel, and government entities, including BEE and GCIL.
Key functions of the Committee include giving recommendations on some issues to the BEE, formulation of procedures, rules, and regulations for the carbon market formulation of targets and issuance of carbon credit certificates.
In addition to this, The government plans to develop the Indian Carbon Market (ICM), where a national framework will be established to decarbonise the Indian economy by pricing the Green House Gas (GHG) emissions. This will be done through Trading in Carbon Credit Certificates in between carbon credit generators and those will be mandated by law to offset their carbon emmision. The governance and oversight of the Indian Carbon Market (ICM) will be managed by the National Steering Committee or Indian Carbon Market (NSCICM), chaired by the Secretary of the Ministry of Power and co-chaired by the Secretary of the Ministry of Environment, Forests, and Climate Change.
BEE will administer the scheme functions, including identifying sectors and potential for emissions reduction and, developing trajectories and targets for reduction and issuing #carbon credit certificates. This scheme will also ensure monitoring reporting and verification (MRV) for the #enterclimate Market in India.
India is a developing country with a rising number of industries. In the era of this #industrialisation, core industries are essential, but they are labelled as a major pollution source.
Phone:- 92893 79710
Email:- [e-mail]
Want to know more about #Enterclimate​?
Website: enterclimate.com/
Facebook: / enterclimate
Twitter: / enterclimate
Instagram: / enterclimate
LinkedIn: / enterclimate

[@bongkitcheninrajasthan]

Nice

[@maheshan3595]

Excellent video Sahil Verma. Keep Giving more. Thanks Shankar