Hyderabad: Bureau of Energy Efficiency, a statutory body of the Government of India organised its first National workshop in Hyderabad to publicize the guidelines it framed to advance Indian Carbon Market (ICM) among the stakeholders, including industries and verification agencies.
To accelerate India’s climate goals, BEE’s guidelines, detailed procedure for compliance mechanism and accreditation procedure and eligibility criteria for accredited carbon verification agencies, were discussed during the workshop. These workshops are lined up to be held at Bhubaneswar, Mumbai and Chandigarh, over the next few months. Anila Vavilla, Managing Director, TSREDCO informed that the State designated agency of Telangana with the support of BEE will initiate communication strategy to disseminate the information to designated consumers about the various provisions of India’s Carbon Credit Trading Scheme 2023, which was notified by the GOI under Energy Conservation Act 2001. The said notification underlines the necessary framework and the roles of stakeholders for the development and functioning of the ICM. An official BEE press release mentioned that the Indian Carbon Market is central to India’s strategy for reducing greenhouse gas (GHG) emissions as part of its Nationally Determined Contributions (NDCs) under the Paris Agreement. The new guidelines aim to facilitate the trade of carbon credits, allowing companies to offset their emissions by purchasing credits from organisations that have exceeded their reduction targets. This framework is designed to ensure that India stays on track to meet its goal of reducing the emission intensity of its GDP by 45 per cent by 2030 and reaching net-zero emissions by 2070. Responding to the presentation made by Saurabh Diddi, Director, BEE, the representatives of various industries expressed confidence that the Southern states which has a major industrial base will play a key role in implementing the Indian Carbon Market (ICM) with the support of stakeholders and major industries.
