Power Secretary Alok Kumar on Thursday said the government is planning to bring in the final design of the Carbon Credit Trading Scheme (CCTS) in the next two weeks. The CCTS is for the decarbonisation of the environment.
Parliament has already passed the Energy Conservation (Amendment) Bill, 2022, in which a provision included empowering the central government to “specify carbon trading scheme”, in consultation with the Bureau of Energy Efficiency (BEE).
CCTS is a scheme for the reduction or removal of greenhouse gas (GHG) emissions notified by the central government. A carbon credit is a tradable permit that gives the right to emit a set amount of carbon dioxide or any other GHG of an equivalent amount.
A carbon credit is equivalent to one tonne of carbon dioxide removed, reduced, or sequestered from the atmosphere.
The Indian Carbon Market (ICM) aims to develop methodologies for estimation of reduction in carbon emissions reductions, and for verification, registration, validation and issuance processes to operationalize the scheme.
Earlier, Bureau of Energy Efficiency’s (BEE) Director General Abhay Bakre said an ICM will enable the creation of a competitive market to provide incentives to climate actors to adopt low-cost options by attracting technology and finance towards sustainable projects that generate carbon credits.
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