Carbon Credit Trading Scheme, 2023 | Indian carbon market framework | Meta-registry

Carbon Credit Trading Scheme, 2023 | Indian carbon market framework | Meta-registry

Carbon Credit Trading Scheme, 2023. Energy Conservation Act, 2001 (52 of 2001);
(b) “accredited carbon verification agency”
(c) “carbon credit” means a value assigned to a reduction or removal or avoidance of greenhouse gas emissions achieved and is equivalent to one ton of carbon dioxide equivalent (tCO2e);
(d) “carbon credit certificate”
(e) “carbon credit trading scheme
(g) “compliance mechanism”
(h) “greenhouse gases” means those gaseous constituents of the atmosphere, both natural and anthropogenic, that absorb and re-emit infrared radiation and the expression greenhouse gases include, but not limited to, carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), and sulfur hexafluoride (SF6);
(i) “Indian carbon market framework” means a national framework established with an objective to reduce or remove or avoid the greenhouse gases emissions from the Indian economy by pricing the greenhouse gases emission through trading of the carbon credit certificates;
(j) “meta-registry” means the national greenhouse gas registry that will serve the following purposes, namely:“non-obligated entities” means ‘registered entities’ that can purchase the carbon credit certificates on voluntary basis; (l) “obligated entities” means ‘registered entities’ that are notified under the compliance mechanism; (m) “power exchange” means an electronic trading platform (o) “Registry” Environment Protection Act, 1986 (29 of 1986) and the Electricity Act, 2003 (36 of 2003) shall have the meanings respectively assigned to them in those Acts.
3. National Steering Committee for Indian Carbon Market. –
(1) The Central Government shall constitute the National Steering Committee for Indian carbon market.
(2) The governance of the Indian carbon market and direct oversight of its functioning shall vest in the National Steering Committee for Indian carbon market.
(3) The National Steering Committee for Indian carbon market
4. Functions of National Steering Committee.
6. Registry and its Functions. -(1) The Grid Controller of India Limited shall be the registry for the Indian carbon market. (2) The Registry shall discharge the following functions, in the manner, as may be determined by the Central Government from time to time: – (a) to comply with the directions issued by the Bureau from time to time; (b) to undertake registration of obligated or non-obligated entities; (c) to maintain secure database with all security protocols; (d) to maintain records of all transactions; (e) to share the transaction records with Power Exchange and Bureau; (f) to assist in development of information technology platform for maintaining database of carbon credit certificates; meta-registry for India; (h) to establish linkages with other National or International registries as approved by the Central Government; and (i) any other functions assigned to it by the Bureau. 7. Commission as Regulator for trading activities under Indian Carbon Market. -(1) The Central Electricity Regulatory Commission shall be the regulator for the trading activities under the Indian Carbon Market. (2) The Central Electricity Regulatory Commission as a regulator to Indian Carbon Market shall perform the following, namely: – (a) to regulate matters relating to trading of carbon credit certificates; (b) to safeguard interest of both sellers and buyers; (c) to regulate frequency of carbon credit certificates trading; and (d) to provide market oversight and take necessary preventive and corrective actions to prevent fraud or mistrust. 8. Technical Committee and its Functions. -(1) The Bureau shall constitute, one or more Technical Committees
9. Accredited Carbon Verification Agency.
11. Compliance Mechanism. -(1) The sectors and the obligated entities to be covered under the compliance mechanism shall be decided by the Ministry of Power based on recommendations of the Bureau; (2) The Bureau shall undertake studies for the sectors or obligated entities as decided in sub-paragraph (1) for recommending the targets in terms of ton of carbon dioxide equivalent (tCO2e) per unit of equivalent product (3) The Ministry of Power, after duly considering the recommendations of Bureau and National Steering Committee for Indian carbon market, shall recommend the notification of greenhouse gases emission intensity targets to the Ministry of Environment, Forest and Climate Change for notification under the Environment Protection Act, 1986; 12. Detailed procedure. -(1)The National Steering Committee for Indian carbon market
(i) criteria for issuance of carbon credit certificates; (ii) validity of carbon credit certificates; (iii) floor and forbearance price of carbon credit certificates; (iv) requirement, format and timeline for submissions; (v) monitoring, reporting and verification; and