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Carbon Credit Trading Scheme, 2023
July 10 , 2023
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- The union government approved the formation of India’s first domestic regulated carbon market.
- The ‘Carbon Credit Trading Scheme, 2023’ was first announced under the Energy Conservation Act, 2001.
- It aims to set up a carbon credit trading market in the country.
- The scheme would entail formation of a “National Steering Committee, a technical committee, an Accredited Carbon Verification Agency and the Central Electricity Regulatory Commission (CERC) as the carbon market regulator.
- The Grid Controller of India will be the registry for the Indian carbon market.
- The steering committee would be responsible for making the regulations, procedures and guidelines for the functioning of the carbon market.
- The technical committee will be responsible for compliance of the said rules and regulations.
- The Bureau has entrusted the existing power exchanges for the carbon credit certificate trading.
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