Carbon Credit Trading Scheme, 2023 Legal Update I qhsealert.com

Introduction

The Ministry of Power has released the Carbon Credit Trading Scheme, 2023, to regulate the trading of carbon credit certificates. This scheme introduces several key components to ensure a structured and transparent carbon market in India.

Key Components

1. National Steering Committee

The National Steering Committee is responsible for:
– Recommending the formulation and finalization of procedures and rules for institutionalizing the Indian carbon market.
– Setting specific greenhouse gas emission targets for obligated entities.
– Guiding the Bureau on guidelines for trading carbon credit certificates internationally.
– Overseeing the issuance of carbon credit certificates and the development of processes for crediting periods, renewals, and expirations.
– Monitoring the functions of the Indian carbon market and recommending the formation of Committees or Working Groups as needed.
– The Chairperson is required to convene meetings at least quarterly.

2. Trading of Carbon Credit Certificates

The Commission will:
– Register power exchanges and approve carbon credit certificate trading activities.
– Require power exchanges to seek approval for their bylaws and rules related to certificate trading.
– Ensure that power exchanges operate according to the regulations set by the Commission.

Conclusion

The Carbon Credit Trading Scheme, 2023, represents a significant advancement in regulating the carbon market in India. By establishing a National Steering Committee and outlining clear procedures for trading carbon credit certificates, the scheme aims to enhance transparency and efficiency in the market. The Commission’s role in approving exchanges and overseeing trading ensures adherence to regulations, fostering a reliable carbon trading environment.

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

Download – Carbon Credit Trading Scheme, 2023