India has embarked on a transformative journey with the launch of the Carbon Credit and Trading Scheme (CCTS) under the amended Energy Conservation Act of 2022. This initiative enables businesses to trade carbon credits, aiming to reduce greenhouse gas emissions and align with national and global climate goals.
Key Highlights
Policy Framework: The CCTS incentivizes companies to reduce emissions by allowing them to trade carbon credits based on performance.
Building on Existing Schemes: It improves upon the "Perform, Achieve and Trade (PAT)" scheme with stricter targets and a stronger trading system.
Potential Impact: Experts estimate a 10-15% reduction in industrial emissions by 2030, boosting India's climate commitments.
Market Oversight: The Bureau of Energy Efficiency (BEE) will administer the scheme, ensuring transparency and credibility.
Voluntary to Mandatory Transition: Starting as a voluntary system, the scheme could evolve into a mandatory model, akin to carbon markets in the EU and China.
Why It’s Revolutionary
The CCTS balances economic growth and climate action, promoting investments in clean energy and technologies. It positions India as a potential global leader in carbon markets while addressing risks like carbon tariffs on exports.
Conclusion
India's carbon market represents a crucial step in tackling climate change while maintaining economic momentum. With this bold initiative, India is setting a precedent for sustainable development and paving the way for a greener future globally.
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