Centre approves formation of India’s first domestic regulated carbon market
The union government, through a gazette notification on Friday, approved the formation of India’s first domestic regulated carbon market.
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.
Drafted by the Bureau of Energy Efficiency, a wholly owned subsidiary of the ministry of power, 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.
