The Bureau of Energy Efficiency (BEE) has appealed toAndhra Pradeshenergy department to actively participate and provide support for the recently introduced trading scheme.
Established under the Energy Conservation Act, 2001, this scheme will facilitate the trading of carbon credits. It will incentivise and reward the entities that reduce, remove, or avoid greenhouse gas emissions. Its implementation, which came into force on June 28, upon publication in the official gazette, underscores the urgent need to combat Climate-change”>Climate Change. This 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.
The BEE DG has appealed to proactive states like Andhra Pradesh, Telangana, Karnataka, Kerala, Rajasthan, Gujarat, Assam, Chandigarh, Haryana, Maharashtra,Punjabetc. to play a pivotal role in ensuring the success of the scheme. Recognising such active participation would foster industrialisation, create EMPLOYMENT opportunities, and accelerate Economic Development, said Bakre.
The nationalsteering committee headed by the secretary of the 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.
The DG BEE reviewed on the future course of action of the carbon credit trading scheme with BEE deputy director general Ashok Kumar, BEE secretary Milind Deora, and others.
The BEE urged all stakeholders, including government bodies, Industry players, environmental organisations, and individuals, to actively participate in and wholeheartedly support the successful implementation of the scheme.