Carbon Credit Trading Scheme, 2023

Ministry of Power has released Carbon Credit Trading Scheme, 2023 to regulate matters relating to the trading of carbon credit certificates. Following things are defined in this rule

  • National Steering Committee for Indian Carbon Market.
  • Functions of National Steering Committee.
  • Bureau as administrator and its functions.
  • Registry and its Functions.
  • Commission as Regulator for trading activities under Indian Carbon Market.
  • Technical Committee and its Functions.
  • Accredited Carbon Verification Agency.
  • Trading of carbon credit certificates.
  • Compliance Mechanism.
  • Detailed procedure.
  • Power to issue directions.

Some of these are discussed here.

Functions of National Steering Committee

(A) The National Steering Committee shall discharge following functions, namely: –

  1. recommend to Bureau for the formulation and finalisation of procedures for institutionalizing the Indian carbon market;
  2. recommend to Bureau for the formulation and finalisation of the rules and regulations for the functions of Indian carbon market;
  3. recommend to Bureau for the formulation of specific greenhouse gases emission targets for the obligated entities;
  4. recommend to Bureau for the formulation and finalisation of guidelines regarding trading of carbon credit certificates outside India;
  5. recommend to Bureau to issue carbon credit certificate;
  6. recommend to Bureau for the development of the process or conditions for crediting period or renewal or expiry of carbon credit certificate;
  7. to monitor the functions of Indian carbon market;
  8. recommend to Bureau to constitute any Committee or Working group as required in connection with Indian carbon market; and
  9. any other functions assigned to it by the Central Government

(B) The Chairperson shall call the meeting at least once in a quarter of every year.

Trading of carbon credit certificates:

  1. The Commission shall register the power exchanges and approve the carbon credit certificate trading in the Indian carbon market, from time to time;
  2. The power exchange shall seek approval of the Commission for their respective bylaws and rules for trading of certificates in the power exchange.
  3. The power exchanges shall perform functions regarding trading of carbon credit certificates, in accordance with the regulations notified by the Commission.

For more details, Click on the below-given link.

Download – Carbon Credit Trading Scheme, 2023


Legal Update by QHSE Alert

Compliance Tracker – A Cloud-based software application

Permit to Work – A Cloud-based software application

Quality Suite – A Cloud-based Software application

Legal Library – Download Environment, Health & Safety, Labour, Human Resources Act, Rules, Forms, Schedules, Annexures and Legal Updates

Google Play Store (Android App) – EHS Legal Library


 

Akshar Management Consultant

+91-9909979870

contact@aksharqhse.in

www.aksharQHSE.in

elearning.aksharqhse.in

www.QHSEalert.com


 

Latest legal updates:


Green Credit Programme Implementation Rules, 2023


MOEFCC Notification on Genset


PESO notice regarding withdrawal of Indian representatives/distributors for import