Home› India› Ministry of Power› Including Offset mechanism under CCTS notification...
Date: 19-Dec-2023 Category: Extra Ordinary State: Union Government Country: India

Including Offset mechanism under CCTS notification

Issued by Ministry of Power · EC, ET and EV Division

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The notification amends the Carbon Credit Trading Scheme, 2023, to incorporate provisions for an offset mechanism, allowing non-obligated entities to participate in carbon credit generation through emission reduction, removal, or avoidance projects.

Key Changes

  • The term 'verified' is replaced with 'validation or verification' in the context of carbon credits.
  • The term 'purchase' is replaced with 'either generate or purchase' concerning carbon credits.
  • Clarification that entities are notified under the compliance mechanism and given a target for emission reduction.
  • Introduction of the term 'offset mechanism', defining it as a system where non-obligated entities can register projects for greenhouse gas emission reduction, removal, or avoidance to issue Carbon Credit Certificates.
  • The Bureau of Energy Efficiency (BEE) is empowered to recommend sectors where non-obligated entities can register for generating carbon credits and the methodologies to be used under the offset mechanism.
  • The BEE is tasked with identifying sectoral scope and developing methodologies for the offset mechanism, as well as developing standards and registering projects under this mechanism.
  • The words 'under compliance mechanism' are removed from paragraph 8(1) of the principal scheme.
  • A new paragraph 11A is inserted, outlining the offset mechanism. The BEE will identify sectoral scope and methodologies with technical committees' support, publish these scopes and methodologies periodically after recommendations from the National Steering Committee for the Indian Carbon Market and approval from the Central Government. Non-obligated entities can register projects based on published sectoral methodologies to seek Carbon Credit Certificates.
  • Paragraph 12(2) is amended to include 'registration of projects under offset mechanism' and to insert the word 'validation' after 'reporting'.

Impact Analysis

Impact on Non-Obligated Entities

  • Action Item: Non-obligated entities should assess their potential for offset projects and familiarize themselves with the BEE's guidelines and approved methodologies.

Impact on Bureau of Energy Efficiency (BEE)

  • Action Item: The BEE needs to prioritize the development of clear guidelines, methodologies, and standards for the offset mechanism to ensure its effective implementation.

Impact on Carbon Market

  • Action Item: Market participants should monitor the impact of the offset mechanism on carbon credit prices and trading volumes.

Impact on Environment

  • Action Item: Government to monitor the environmental impact of offset projects to ensure that they deliver genuine and measurable emission reductions.

Key Entities Referenced

Central Government: The Central Government, specifically the Ministry of Power, is responsible for issuing the notification and approving the scheme. Bureau of Energy Efficiency (BEE): The BEE is the primary agency responsible for implementing and overseeing the Carbon Credit Trading Scheme, including the offset mechanism. They are responsible for developing methodologies, setting standards, and registering projects. National Steering Committee for Indian Carbon Market: This committee provides recommendations to the BEE regarding the sectoral scope and methodologies for the offset mechanism. Non-Obligated Entities: These are entities that are not mandated to reduce emissions under the compliance mechanism but can participate in the carbon market through the offset mechanism. Energy Conservation Act, 2001: This is the enabling legislation under which the Carbon Credit Trading Scheme is established. Carbon Credit Trading Scheme, 2023: The principal scheme which is being amended by this notification. It was originally published vide number S.O. 2825 (E), dated the 28th June, 2023.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-19122023-250750 CG-DxLx-xEG-I1D9H1x2x2x0 23-250750 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 5140] नई दिल्ली, मगं लिार, दिसम्ब र 19, 2023/अग्रहायण 28, 1945 No. 5140] NEW DELHI, TUESDAY, DECEMBER 19, 2023/AGRAHAYANA 28, 1945 जिद्यतु मत्रं ालय अजधसचू ना नई दिल्ली, 19 दिसम् बर, 2023 का.आ. 5369(अ).—केन्‍द रीय सरकार, ऊिाा संरक्षण अजधजनयम, 2001 (2001 का 52) की धारा 14 के खंड (ब) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, ब्यूरो के परामि ा से काबान क्रेजडट व् यापार स्ट्कीम, 2023 (जिस े इसके पश् चात इ इस े मूल स्ट्कीम कहा गया ह)ै , में जनम् नजलजखत संिोधन करती ह ैअ्ाातइ - 2. मूल स्ट्कीम म,ें पैरा 2 के उप पैरा (1) म,ें - (i) खंड (ख) म,ें "सत्याजपत" िब्ि के स्ट््ान पर, “जिजधमान्‍दयकरण या सत्यापन” िब् ि रखे िाएंग;े (ii) खंड (ट) म,ें "खरीि" िब्ि के स्ट््ान पर, "या तो खरीि या िजनत कर" िब्ि रखे िाएगं ;े (iii) खंड (ठ) म,ें "अधीन अजधसूजचत ह ैं " िब्िों के पश् चात,इ "और उत्सिान में कमी के जलए दिया गया लक्ष्य" िब् ि अंतःस्ट््ाजपत दकए िाएगं ;े (iv) खंड (ठ) के पश् चात,इ जनम्नजलजखत खंड अतं ःस्ट््ाजपत दकया िाएगा, अ्ाता इ - 7797 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] "(ठक) "ऑफसेट तंत्र" से इस स्ट्कीम के अधीन एक तंत्र अजभप्रेत ह ै िहां गरै -बाध्यकारी इकाईयां काबान क्रेजडट प्रमाणपत्र िारी करने के जलए ग्रीनहाउस गैसों के उत्सिान में कमी या अपसारण या पररिणान की गणना हते ु अपनी पररयोिनाओं को रजिस्ट्रीकृत कर सकती ह;ैं ” 3. मूल स्ट्कीम म,ें पैरा 4 के उप पैरा (1) म,ें - (i) खंड (ग) के पश् चात,इ जनम्नजलजखत खंड अतं ःस्ट््ाजपत दकया िाएगा, अ्ाता इ - "(गक) ब्यरू ो को उन क्षेत्रों की जसफाररि करना जिनमें गैर-बाध्यकारी इकाईयां काबान क्रेजडट िजनत करने और ऑफसेट तंत्र के अधीन के जलए उपयोग की िान े िाली पद्धजतयों के जलए रजिस्ट्रीकरण कर सकती हैं;" 4. मूल स्ट्कीम म,ें पैरा 5 के उप पैरा (2) म,ें - (i) खंड (ख) के पश् चात,इ जनम्नजलजखत खंड अतं ःस्ट््ाजपत दकया िाएगा, अ्ाता इ - “(खक) क्षेत्रीय गुंिाइि की पहचान करना और ऑफसेट तत्रं के अधीन उपयोग की िान े िाली काया पद्धजतयां जिकजसत करना;” "(खख) मानक जिकजसत करना और ऑफसेट तंत्र के अधीन पररयोिना को रजिस्ट्रीकृत करना;" 5. मूल स्ट्कीम म,ें पैरा 8 के उप पैरा (1) म,ें "अनुपालन तंत्र के अधीन" िब्िों का लोप दकया िाएगा;" 6. मूल स्ट्कीम म,ें पैरा 11 के पश् चातइ, जनम्नजलजखत परै ा अतं ःस्ट््ाजपत दकए िाएगं ,े अ्ाातइ - “11क. ऑफसेट तंत्र. - (1) ब्यूरो, संबंजधत तकनीकी सजमजतयों के सहयोग स े ऑफसेट तंत्र के अधीन प्रयुि दकए िान े िाली क्षेत्रीय गुंिाइि और काया पद्धजतयों की पहचान करेगा; (2) ब्यूरो, भारतीय काबान बािार के जलए राष्ट्रीय संचालन सजमजत की जसफाररि पर और केन्‍दर ीय सरकार के अनुमोिन के पश् चात इ समय - समय पर क्षत्रे ीय गुंिाइि और काया पद्धजतयां प्रकाजित करेगा; (3) गैर-बाध्यकारी इकाईया ं काबान क्रेजडट प्रमाणपत्र िारी करन े की मागं के जलए ग्रीनहाउस गैसों के उत्सिान म ें कमी या अपसारण या पररिणान के जलए प्रकाजित क्षेत्रीय पद्धजतयों के अनुसार अपनी पररयोिनाओं को रजिस्ट्रीकृत कर सकती ह।ैं 7. मूल स्ट्कीम म,ें पैरा 12 के उप पैरा (2) म,ें - (i) खंड (iv) के पश् चात,इ जनम्नजलजखत खंड अतं ःस्ट््ाजपत दकया िाएगा, अ्ाता इ - (iv क) ऑफसेट तंत्र के अधीन पररयोिनाओं का रजिस्ट्रीकरण; (ii) खंड (v) म,ें "ररपोर्टिंग" िब्ि के पश् चात,इ “जिजधमान्‍दयकरण” िब्ि अतं ःस्ट््ाजपत दकया िाएगा। [ फा. स.ं 21/6/2022-ईसी-भाग(2)] अिय जतिारी, अपर सजचि रटप्प ण मूल स्ट्कीम भारत के रािपत्र, भाग II, खंड 3, उप खंड (ii) में का.आ. संखयांक 2825 (अ), तारीख 28 िून, 2023 द्वारा प्रकाजित की गई ्ी।[भाग II—खण् ड 3(ii)] भारत का रािपत्र असाधारण 3 MINISTRY OF POWER NOTIFICATION New Delhi, the 19th December, 2023 S.O. 5369(E).— In exercise of the powers conferred by clause (w) of section 14 of the Energy Conservation Act, 2001 (52 of 2001) the Central Government, in consultation with the Bureau, hereby makes the following amendments to the Carbon Credit Trading Scheme, 2023 (herein after referred to as the Principal Scheme), namely:- 2. In the principal Scheme, in the sub-paragraph (1) of paragraph 2,- (i) in clause (b), after the words “carry out”, the words “validation or” shall be inserted; (ii) in clause (k), after the words “that can”, the words “either generate or” shall be inserted; (iii) in clause (l), after the words “compliance mechanism”, the words “and given a target for emission reduction” shall be inserted; (iv) after clause (l), the following clause shall be inserted, namely:- “(la) “offset mechanism” means a mechanism under this Scheme where the non-obligated entities can register their projects for accounting greenhouse gases emission reduction or removal or avoidance for issuance of Carbon Credit Certificates;” 3. In the principal Scheme, in sub-paragraph (1) of paragraph 4,- (i) after clause (c), the following clause shall be inserted, namely:- “(ca) recommend to Bureau, the sectors in which non-obligated entities may register for generating carbon credits and the methodologies to be used under the offset mechanism;” 4. In the principal Scheme, in the sub-paragraph (2) of paragraph 5,- (i) after clause (b), the following clause shall be inserted, namely:- “(ba) to identify the sectoral scope and develop the methodologies to be used under offset mechanism;” “(bb) to develop the standards and register the project under offset mechanism;” 5. In the principal Scheme, in sub-paragraph (1) of paragraph 8, the words “under compliance mechanism” shall be omitted;” 6. In the principal Scheme, after paragraph 11, the following paragraph shall be inserted, namely:- “11A. Offset Mechanism. – (1) The Bureau shall identify the sectoral scope and methodologies to be used under offset mechanism with the support of respective technical committees; (2) The Bureau on the recommendation of National Steering Committee for Indian carbon market and after approval of the Central Government, shall publish sectoral scope and methodologies from time to time; (3) The non-obligated entities can register their projects as per the published sectoral methodologies for greenhouse gases emission reduction or removal or avoidance for seeking issuance of Carbon Credit Certificates. 7. In the principal Scheme, in sub-paragraph (2) of paragraph 12,- (i) after clause (iv), the following clause shall be inserted, namely:- (iva) registration of projects under offset mechanism; (ii) in clause (v), after the word “reporting”, the word “validation” shall be inserted. [F. No. 21/6/2022-EC-Part(2)] AJAY TEWARI, Addl. Secy. Note: The principal Scheme were published in the Gazette of India, Part II, Section 3, Sub-section (ii), vide number S.O. 2825 (E), dated the 28th June, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from Ministry of Power