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Mahesh

12/05/23 06:46 AM IST

Carbon Credit Trading Scheme for Decarbonisation

In News
  • The government plans to develop the Indian Carbon Market (ICM) where a national framework will be established with an objective to decarbonise the Indian economy by pricing the Green House Gas (GHG) emission.
About Carbon Credit Trading Scheme
  • The ICM will enable the creation of a competitive market that can provide incentives to climate actors to adopt low-cost options by attracting technology and finance towards sustainable projects that generate carbon credits.
  • It can be a vehicle for mobilizing a significant portion of investments required by Indian economy to transition toward low-carbon pathways.
  • The ICM will develop methodologies for estimation of carbon emissions reductions and removals from various registered projects, and stipulate the required validation, registration, verification, and issuance processes to operationalize the scheme. Monitoring, Reporting, Verification (MRV) guidelines for the emissions scheme will also be developed after consultation.
  • A comprehensive institutional and governance structure will be setup with specific roles of each party involved in the execution of ICM.
  • The ICM will mobilize new mitigation opportunities through demand for emission credits by private and public entities.
  • A well-designed, competitive carbon market mechanism would enable the reduction of GHG emissions at the least cost, both at the level of entity, as well as the overall sector and drive faster adoption of clean technologies, in a growing economy like India.
  • By accelerating the transition to a low carbon economy, the ICM will facilitate achieve the NDC goal of reducing Emissions Intensity of the GDP by 45 percent by 2030 against 2005 levels.
Source- Business Standard

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