Creation of Carbon Markets
Posted On: 15 DEC 2022 8:17PM by PIB Delhi
The Energy Conservation Amendment Bill has been passed by the Parliament. The Bill includes provisions for putting in place a carbon market. As per the framework laid down by COP; if any carbon credit is sold outside the country; it cannot be used for meeting the NDCs of the originating country. Carbon credit will on priority be used within the country to meet our NDCs. In specific cases; where carbon credits are created by high technology expensive assets, these may be permitted to be externally marketed by the National Designated Authority created by Government which shall exercise and perform functions that inter-alia include to receive projects for evaluation and approval of host party.Read More Business News on our website.
The Generation Expansion Planning studies carried out by the Central Electricity Authority (CEA) for 2029-30 reveals that the share of non-fossil fuel based generation capacity in the total installed capacity of the Country is likely to increase from around 42% as on Oct, 2022 to more than 64% by 2029-30. This would reduce the dependence on fossil fuel in electricity generation.
The fossil fuel-based power plants are mandated to comply with the emission norms prescribed by the Ministry of Environment, Forest and Climate Change (MoEF&CC) from time to time.
This information was given by Shri R.K Singh, Union Minister for Power and New and Renewable Energy in a written reply in Lok Sabha today