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Approved Sectors in Offset Mechanism under CCTS
20th September 2024
BEE has published the Approved Sectors under the offset mechanism as recommended by NSC-ICM and approvd by the Central Government
The Energy Conservation (Amendment) Act, 2022 empowered the Central Government to specify the Carbon Credit Trading Scheme. The framework for Indian Carbon Market was developed by notifying the Carbon Credit Trading Scheme (CCTS) dated 28th June 2023 and amendment notification dated 19th December 2023
Under the CCTS, the Central Government has constituted the National Steering Committee for Indian Carbon Market (NSC-ICM) co-chaired by Secretary Ministry of Environment, Forest and Climate Change and Secretary, Ministry of Power to have direct oversight of the functioning of Indian carbon market
One of the functions of Bureau of Energy Efficiency (BEE) as ICM Administrator is "to identify the sectoral scope and develop the methodologies to be used under offset mechanism"
Further, "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"
Further, during the 6th meeting of the NSC-ICM, the committee recommended the sectoral scope under the offset mechanism. The list of the sectors as recommended by the NSCICM and approved by the Central Government for Phase 1 and Phase 2 is as below:
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