BEE seeks stakeholder support for carbon credit scheme
GoI’s flagship programme encourages active participation from entities by incentivising emission reduction efforts and establishing a market for carbon credits
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Vijayawada Stating that the launch of the Carbon Credit Trading Scheme is significant step towards addressing greenhouse gas emissions and mitigating climate change in India, Union
Ministry of Power-led Bureau of Energy Efficiency (BEE) has appealed to all stakeholders to actively participate and provide unwavering support for the successful implementation of the incentives offered under the initiative.
BEE has appealed to proactive States like Andhra Pradesh, Telangana, Karnataka, Kerala, Rajasthan, Gujarat, Assam, Chandigarh, Haryana, Maharashtra and Punjab to play a pivotal role in ensuring the success of the scheme. Recognising that such active participation will foster industrialisation, create employment opportunities and accelerate economic development, BEE stated that by embracing the carbon credits under the scheme, India can pave the way for a greener and more sustainable future while effectively addressing the pressing global challenge of climate change.
Director General of BEE Abhay Bakre on Sunday emphasised that the introduction of the Carbon Credit Trading Scheme which is historic and flagship programme of Government of India signifies a critical step towards mitigating climate change. By incentivising emission reduction efforts and establishing a market for carbon credits, the scheme encourages active participation from entities across various sectors in greenhouse gas reduction activities.
He remarked “this initiative will not only help India meet its emission reduction commitments but also create tremendous economic opportunities and promote sustainable development.”
The DG reviewed the need for creating awareness on the scheme with BEE Deputy Director General Ashok Kumar, Secretary Milind Deora, Directors Saurabh Didi, Sunil Khandari, Arijit Singh Gupta, Vinita Kanwal and P Samala, Sameer Pandita and Joint Director Abhishek Sharma.
According to the BEE, the Central Government has constituted the National Steering Committee headed by the Secretary, Ministry of Power for the Indian Carbon Market. This committee comprises representatives from various government ministries, emissions and climate change experts and members of the energy sector. It will oversee and govern the functioning of the carbon market.
Established under the Energy Conservation Act, 2001, the scheme is expected to facilitate the trading of carbon credits, incentivising and rewarding entities that reduce, remove or avoid greenhouse gas emissions.
Its implementation, which came into force on June 28, 2023, upon publication in the Official Gazette, underscores the urgent need to combat climate change and recognises 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 ton of carbon dioxide equivalent (tCO2e) reduced or avoided. These credits can be bought, sold, and traded within the Indian carbon market framework.
