India announces draft Carbon Credit Trading Scheme

NOTE:
India’s Ministry of Power officially published Carbon Credit Trading Scheme on June 28, 2023. See more details in the following:
India Releases Carbon Credit Trading Scheme

India’s Ministry of Power on March 27, 2023 published a draft  Carbon Credit  Trading Scheme (CCTS), as envisaged in the  Energy Conservation (Amendment) Act 2022, approved by the Parliament in December last.

The draft proposes setting up of an Indian Carbon Market Governing Board ((ICMGB) to oversee the Indian Carbon Market (ICM).

ICMGB would comprise representatives from Ministry of Environment, Forest and Climate Change, Ministry of Power,  Ministry of Finance, government policy advisory body-  NITI Aayog,  Ministry of New and Renewable Energy,  Ministry of Steel,  Ministry of Coal,  Ministry of Petroleum and Natural Gas, Central Electricity Authority (CEA) , Grid Controller of India and Bureau of Energy Efficiency (BEE).