Dr.Ashok Kumar, deputy director general, Bureau of Energy Efficiency (BEE) along with Saurabh Didi, director BEE, K Sateesh, director, PricewaterhouseCoopers and A. Chandra Shekhara Reddy, media advisor (Southern States/UTs) BEE, releasing a special book on Energy Efficiency and impact of Indian Carbon Market in Hyderabad on Thursday.
| Photo Credit: Special Correspondent
Officials from the Bureau of Energy Efficiency (BEE) announced that new key guidelines were unveiled that are set to shape the future of the Indian Carbon Market (ICM) in line with India’s climate commitments. They have urged all stakeholders to comply with two new key guidelines.
During a workshop held in Hyderabad on Thursday (October 17, 2024), Dr. Ashok Kumar, deputy director general of BEE along with Saurabh Didi director, BEE; K. Sateesh director at PricewaterhouseCoopers (PwC), and A. Chandra Shekhara Reddy, media advisor for Southern States/UTs, BEE, released a special book on energy efficiency and the impact of the Indian Carbon Market (ICM).
The guidelines, titled ‘Detailed procedure for compliance mechanism and accreditation procedure and eligibility criteria for accredited carbon verification agencies’, aim to promote transparency, compliance, and verification in carbon credit trading, which is central to India’s efforts to combat climate change.
According to the speakers at the workshop, the ICM plays a critical role in meeting India’s Nationally Determined Contributions (NDCs) under the Paris Agreement. It is a part of India’s strategy to reduce greenhouse gas (GHG) emissions, with a target to reduce the emission intensity of its GDP by 45% by 2030 and achieve net-zero emissions by 2070.
The introduction of these guidelines follows the 2022 amendment to the Energy Conservation Act, which established the Carbon Credit Trading Scheme (CCTS). The CCTS aims to regulate carbon trading, allowing industries that exceed their emission reduction targets to earn credits, while those unable to meet their goals must purchase them.
During the workshop, Vavilla Aneela, managing director of the Telangana State Renewable Energy Development Corporation (TSREDCO), which also acts as the State Designated Agency (SDA), announced that the State would implement an effective communication strategy to inform stakeholders about the provisions of the Indian Carbon Market 2023. She emphasized Telangana’s readiness to spearhead the initiative, given its industrial strength and focus on advanced technologies.
Industry representatives from Andhra Pradesh, Kerala, Karnataka, Tamil Nadu, and Telangana expressed confidence in the region’s ability to play a crucial role in the success of the Indian Carbon Market, with the support of major industries and stakeholders.
Published – October 17, 2024 06:37 pm IST
