The Indian government has published a draft for its long-awaited and much-talked-about Carbon Credit Trading Scheme.
Included in the proposals are provisions such as that oversight of the Indian Carbon Market will be undertaken by a Governing Board, to be referred to as the ICMGB. The Indian minister for the environment shall act as chairperson, currently Bhupender Yadav.
The ICMGB plans to develop procedures for developing the Indian carbon market for the approval of government, and recommend rules, regulations and methodologies for the market.
The Indian carbon market will be voluntary in nature, unlike mandatory schemes such as the EU Emissions Trading Scheme (EU ETS).
The Registry for the ICM will be the so-called Grid Controller of India, who will be responsible for maintaining all transactions in the market and respond to directives of the ICMGB.
The draft proposals are open to a public consultation, which closes tomorrow.
In August last year, the lower house of the Indian parliament, the Lok Sabha, passed the Energy Conservation (Amendment) Bill 2022, empowering the government to introduce a market for carbon credits.
