By Sagar Mohod :
The initiative will help local industries to find new ways for reducing carbon footprint
To encash the carbon credits in an efficient way, Maharashtra Government has decided to set up Carbon Market Facilitation Desk, which will also help in keeping tab on benefits accruing, tapping region and sectors and guide the industry to gradually switch over to greener fuels.
Task of the desk, manned by experts in energy field with apt knowledge of the new platform, is to look for projects that could be utilised for trading in the national carbon credit market.
Formation of the desk comes against the background of the Government’s growing interest in Indian Carbon Market (ICM) to showcase ways for local industry to find new ways for reducing carbon footprint in view
of growing concerns about climate change.
Establishment of the Desk is in tune with the Central Government’s move to focus on cutting down CO2 emissions significant, a stiff target of achieving net zero by year 2047. Therefore, the uptick in ICM provides an opportunity for individual industries to focus on buying carbon credit or selling the same and using the incentives for switching over to lesser polluting products.
So the centralised Desk can facilitate smaller units or industries to gather know how on tapping the carbon credit market. Apart from lowering the emissions, Government has also set an ambitious goal of switching over to renewable energy resource for power generation by 2030 with a target of meeting 50 per cent of country’s need. Alongside, the emission of carbon dioxide particles is also to be brought down by 47 per cent in country’s GDP.
The Carbon Market Facilitation Desk will have to work on multiple platforms, one relating to compliance of carbon market, herein tapping into the credits system to the advantage of the State so that it could meet the set goals as to emission. The second one relates to Voluntary Carbon Market and in both groups, State would have to tap the market to hire specialist on contract basis as this is quite a new territory and required specialised background to carry out the specific work. Thereafter, the Cell would also draft Emission Trading System Policy and its Measurement, Reporting and Verification.
Those who would be hired must have educational background in environment economics, public policy, energy, climate change or corresponding speciality. Similarly, they must possess qualification in Emission Trading System Policy, carbon valuation, measurement, reporting and verification (MRV), experience in working in international organisations, states the notification issued by Department of Environment and Climate Change, Maharashtra Government.
The persons at the Cell will have to develop mechanism to monitor carbon credits, prepare a handbook and guidelines for institutions and enforcement authorities on how to go about granting carbon credits, providing policy advice and information.
Most importantly, the experts team is also mandated with preparation of reports for beneficiaries entities so that they can access the carbon credit market by going through the guiding principles. Also, another main area of work is to prepare area-wise report on possibility of exploring carbon credit market for Carbon Credit Trading Scheme (CCTS).
Similarly, they will have to update for Maharashtra-specific CCTS implementation report every 2 years.
Further, the Desk has been entrusted the task of establishment of a branch of Carbon Border Adjustment Mechanism (CBAM), carrying out research relating to economic influence on Industry and State, searching sector specific de-carbonisation areas, preparing mechanism for verification of CBAM, developing resources of Measurement, Reporting and Verification process.
