Draft carbon rules for industries notified

A SINGLE MARKET AT THE NATIONAL LEVEL WOULD CUT TRANSACTION COSTS, AND RAISE LIQUIDITY, AND BOOST ACCOUNTING

- Jayashree Nandi

NEW DELHI: The union environment ministry has issued a draft notification on greenhouse gases emission intensity (GEI) targets for industries under India's carbon credit trading scheme.

These emission targets are for 2025-26 and 2026-27 for a range of industries under the carbon trading market and suggest that the carbon market will become operational during the period.

The Union government notified the Carbon Credit Trading Scheme in 2023 under the Energy Conservation Act, 2001 which defined the Indian carbon market framework, established for trading of the carbon credit certificates to reduce or remove or avoid greenhouse emissions.

The targets have been issued for three companies in aluminium; 253 in the iron and steel sector; 21 in petroleum refining; 11 in petrochemicals; 11 naphtha; and 173 spinning/textile units which have registered under the scheme.