- The Ministry of Power and the Ministry of Environment will develop a carbon credit trading scheme for decarbonisation.
- The government is planning to develop an Indian carbon market with the aim of decarbonizing the Indian economy by pricing greenhouse gas emissions through the trading of carbon credit certificates.
- The Bureau of Energy Efficiency, Ministry of Power, along with the Ministry of Environment, is developing a carbon credit trading scheme for this purpose.
- A one-day stakeholder consultation was held on 11 May in New Delhi with participants from key stakeholders including accredited energy auditors, carbon/energy verifiers and sector experts.
- India has been at the forefront of climate action to meet climate goals through its ambitious Nationally Determined Contributions. By accelerating the transition to a low-carbon economy, the Indian carbon market will help meet the NDC target of reducing the emissions intensity of GDP by 45 percent by 2030 relative to 2005 levels.
Qns : What is the purpose of developing a carbon credit trading scheme in India?
(A) To reduce the use of renewable energy
(B) To price greenhouse gas emissions
(C) To reduce the use of renewable energy
(D) None of the above
Answer: (B) To price greenhouse gas emissions