The Ministry of Power has notified the Carbon Credit Trading Scheme, 2023. According to the notification, the central government will constitute the national steering committee for Indian carbon market. The national steering committee will have the following functions:
(a) Recommend to Bureau for the formulation and finalisation of procedures for institutionalising the Indian carbon market;
(b) recommend to Bureau for the formulation and finalisation of the rules and regulations for the functions of Indian carbon market;
(c) recommend to Bureau for the formulation of specific greenhouse gases emission targets for the obligated entities;
(d) recommend to Bureau for the formulation and finalisation of guidelines regarding trading of carbon credit certificates outside India;
(e) recommend to Bureau to issue carbon credit certificate;
(f) recommend to Bureau for the development of the process or conditions for crediting period or renewal or expiry of carbon credit certificate;
(g) to monitor the functions of Indian carbon market;
(h) recommend to Bureau to constitute any committee or working group as required in connection with Indian carbon market; and
(i) any other functions assigned to it by the central government.
The full notification can be accessed here
