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Last Updated: July 1, 2023

India Takes Bold Steps Towards Sustainable Development with Carbon Credit Trading Scheme

Manish Dabkara, Chairman and MD EKI Energy Services ltd and President CMAI

The Government of India has issued a gazette notification for the launch and institutionalisation of the Carbon Credit Trading Scheme (CCTS) for the Indian Carbon Market. Mr. Manish Dabkara, Chairman and MD of EKI Energy Services Ltd and President of the Carbon Market Association of India (CMAI), is pleased to share his perspective on the launch of the Carbon Credit Trading Scheme (CCTS) in India.

Let’s see what he has to say,

“Taking a cue from its Paris Agreement commitment and chasing its NetZero goal, Government of India in consultation with the Bureau has released the Carbon Credit Trading Scheme (CCTS) for the institutionalisation and functioning of the Indian Carbon Market (ICM). It involves a process for compliance in which emission objectives will be established for specific industries and organisations, surpassing which they will receive credit certificates.

It comes within a week of India releasing a draft document for the establishment of a Green Credits market, which is over and above the discourse of carbon credits, showing the determination and commitment of the country to take a paradigm shift towards sustainable development while meet its climate goals of turning Net Zero by 2070. India has been leading from the front when it comes to its environmental sustainability initiatives and rapid transformation to sustainable practices.

We will be closely monitoring the developments and implementation of the CCTS in the coming times and hope that the government will develop the market with proactive compliance and enforcement mechanism which will help to a reasonable price discovery and a vibrant operational domestic emission trading market. Such a market mobilization will ensure the encouragement of investors for long-term investment in carbon reduction technologies, projects, and processes, towards an accelerated decrabonization of country’s economy.

The constitution of the National Steering Committee for the Indian Carbon Market, which will be responsible for the overall management and operational control of the Indian Carbon Market, by the Central Government is a welcome move in that direction.

Being one of the pioneers in the industry for the country, EKI Energy Services wholeheartedly welcomes the move which we believe will re-establish the trust for the market more firmly. We also appreciate the efforts of the government of India and are excited for the bright future of less carbon and more sustainability.”

Source Link: https://solarquarter.com/2023/07/01/india-takes-bold-steps-towards-sustainable-development-with-carbon-credit-trading-scheme/