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Indian Energy Sector

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Carbon credit trading scheme comes into being to reduce GHG emissions in India.

The Bureau of Energy Efficiency (BEE), an agency established by the Ministry of Power to create awareness and disseminate information on energy efficiency and conservation as also help develop strategies and policies towards that end, has launched the Carbon Credit Trading Scheme to address the issue of greenhouse gas (GHG) emissions and mitigation of climate change in the country. The agency has appealed to all stakeholders to actively participate and provide unwavering support for the successful implementation of the scheme. According to BEE authorities, the scheme is aimed at facilitating trading of carbon credits and incentivise and reward entities that reduce, remove or avoid greenhouse gas emissions. The implementation of the scheme, came into force on June 28, underscores the urgent need to combat climate change and recognise the pivotal role of market-based mechanisms in achieving emission reduction targets. The Carbon Credit Trading Scheme assigns a value, known as a carbon credit, to each tonne of carbon dioxide equivalent (tCO2e) reduced or avoided. These credits could be bought, sold and traded within the country’s carbon market framework. The BEE has appealed to proactive States such as Andhra Pradesh, Telangana, Karnataka, Kerala, Rajasthan, Gujarat, Assam, Haryana, Maharashtra, Punjab and others to play a key role in ensuring the success of the scheme. Recognising that such active participation would foster industrialisation, create employment opportunities and accelerate economic development, the BEE authorities said the country could pave the way for a greener and more sustainable future by embracing the Carbon Credit Trading Scheme. The Centre has constituted National Steering Committee headed by Secretary in the MoP to oversee and govern functioning of the carbon market. It comprises representatives from various Ministries, emissions and climate change experts and members from the energy sector. As the administrator, the BEE will identify sectors with potential for emission reductions, develop targets for obligated entities under the compliance mechanism and issue carbon credit certificates based on recommendations from the National Steering Committee. Further, the committee will also establish market stability mechanisms, accredit carbon verification agencies and maintain the necessary IT infrastructure and database essential for the market’s seamless functioning. https://www.google.com/amp/s/www.bizzbuzz.news/amp/industry/bee-seeks-stakeholder-support-for-carbon-credit-scheme-1231920

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  • Edwin wangombe

    48 w

    Such schemes are necessary and should be introduced in Africa

    4
    • Peter Karanga

      48 w

      That is great news! Carbon credit trading schemes are an effective way to incentivize companies to reduce their emissions and help India reach its climate goals. It will be interesting to see how successful this scheme proves to be.

      3
      • We Don't Have Time

        48 w

        Dear johnte ndeto Your climate love has received over 50 agrees! We have reached out to Indian Government by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

        1
        • Kevin

          48 w

          An amazing jov they are doing

          5
          • winnie nguru

            48 w

            They are doing a commendable job

            7
            • Grace Njeri

              48 w

              The trading of carbon credits will help companies meet ambitious goals for reducing greenhouse-gas emissions.

              5
              • Munene Mugambi

                48 w

                A plan the Indian government has followed through on

                6
                • Joseph Githinji

                  48 w

                  Carbon credit is a great plan towards reducing greenhouse gas emissions. The Bureau of Energy Efficiency plan will go a long way.

                  17
                  • Princess

                    48 w

                    Kudos! The bureau of Energy Efficiency is doing a good job.

                    17
                    Welcome, let's solve the climate crisis together
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