Carbon Credit Trading Scheme, 2023.

The Carbon Credit Trading Scheme, 2023 (Scheme) is specified in exercise of the powers conferred by clause (w) of section 14 of the Energy Conservation Act, 2001 (52 of 2001). Section 3 of the Scheme provides for constitution of the National Steering Committee which will be responsible for the governance of the Indian carbon market. Section 4 lays down the functions of the National Steering Committee. Section 5 appoints the Bureau of Energy Efficiency as the Administrator of Indian carbon market and states its functions. Section 6 appoints the Grid Controller of India Limited as the registry for the Indian carbon market. As per section 7, the Central Electricity Regulatory Commission shall be the regulator for the trading activities under the Indian Carbon Market. The Scheme further makes provisions for accreditation of carbon verification agency, trading of carbon credit certificates, compliance mechanism and procedures for various related activities.