The Ministry of Power (MoP) has issued the draft Carbon Credit Trading Scheme.
The scheme aims to establish framework for Indian carbon market. As per the draft scheme, the governance of the Indian carbon market and direct oversight of its administrative and regulatory functioning will vest in the governing board, to be called as Indian Carbon Market Governing Board (ICMGB). The Grid Controller of India Limited will be the registry for the Indian carbon market, and the Central Electricity Regulatory Commission will be the regulator for the trading activities under the Indian carbon market. The obligated entities including designated consumers covered under compliance mechanismwill register themselves for carbon credit trading scheme. The bureau will develop methodologies and detailed procedure for registration of projects and issuance of carbon credit certificates for different sectors, as and when required, with support of technical committees and submit the same to ICMGB. The ministry has sought comments on the draft by April 14, 2023.