Govt of India’s Carbon Credit Trading Scheme, 2023
Centre approves formation of India’s first domestic regulated carbon market. www.business-standard.com
Key Highlights of the Article :
- “The ‘Carbon Credit Trading Scheme, 2023’ first announced under the Energy Conservation Act, aims to set up a carbon credit trading market in the country. Any project or entity which saves on emissions can issue carbon credit against their savings. These are usually energy efficiency, renewable energy and sustainable agriculture projects. These credits can be bought by an entity which is a carbon emitter. A carbon credit allows its owner to emit that certain amount of carbon dioxide or other greenhouse gases. One credit is equivalent to one ton of carbon dioxide or the equivalent in other greenhouse gases.”
- “Industry executives said the voluntary carbon credit market in India could touch $200 billion by 2030 from the current $2 billion. While being one of the largest carbon credit exporters to the world, India itself doesn’t have a carbon market. While there are a handful of carbon offsetting platforms offering carbon credits, there hasn’t been a regulated market till yet.”
- “Manish Dabkara, Chairman and MD, EKI Energy Services ltd said, they will be closely monitoring the developments and implementation of the CCTS. BSE-listed EKI is a leading carbon credit developer and supplier in India, and claims to have 90 per cent share credits originating from the country.”