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ARTICLE · 07 JUNE 2023

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Draft Carbon Credit Trading Scheme

Argus Partners
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The Ministry of Power ("MoP"), on March 27, 2023, released the draft Carbon Credit Trading Scheme ("Draft Scheme") for stakeholders' comments.

IndiaCompliance
Rachika Agrawal Sahay
Rachika Agrawal Sahay
Mrinal Mishra
Mrinal Mishra
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The Ministry of Power ("MoP"), on March 27, 2023, released the draft Carbon Credit Trading Scheme ("Draft Scheme") for stakeholders' comments. The Draft Scheme is in pursuance of powers conferred upon the MoP under the Energy Conservation Act, 2001, as amended by Energy Conservation (Amendment) Act, 2022. Section 14(w) and Section 14AA empowers the central government to specify the carbon trading scheme in consultation with Bureau of Energy Efficiency ("BEE").

The Draft Scheme focuses on creation of governance mechanism and specifies the constitution and role of various entities, aiming at decarbonization of the Indian economy by pricing the greenhouse gas emissions through trading of carbon credit certificates ("CCC"). The key aspects of the Draft Scheme are as follows:

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