New Carbon Credit Trading Rules Explained

Hyderabad:In a move to advance India's climate goals, the Bureau of Energy Efficiency (BEE) launched two key guidelines at a workshop in Hyderabad aimed at shaping the future of the Indian Carbon Market (ICM). The new guidelines, titled the “Detailed Procedure for Compliance Mechanism” and “Accreditation Procedure for Accredited Carbon Verification Agencies” were designed to strengthen carbon credit trading in India and support the country's efforts to reduce greenhouse gas emissions.

At the workshop, managing director of Telangana State Renewable Energy Development Corporation (TSREDCO) Vavilla Aneela said the TSREDCO would launch an effective communication campaign with the support of BEE to explain the various provisions and procedures of India's Carbon Credit Trading Scheme 2023 to designated consumers and stakeholders.

The scheme was notified by the Centre under the Energy Conservation Act, 2001, outlining the necessary framework and the roles of stakeholders for the development and functioning of the initiative. The workshop, attended by key industries such as steel, cement and textiles, marked the first in a series of events aimed at disseminating the new framework. The BEE's initiative aligns with India’s commitment to reducing the emission intensity of its GDP by 45 per cent by 2030 and achieving net-zero emissions by 2070.