The Carbon Credit Market Scheme has been announced by the Ministry of Power (MoP). The Indian government approved the development of India’s first domestic regulated carbon market in a gazette notification. The programme also calls for the establishment of a National Steering Committee, which will regulate and have direct oversight of the Indian carbon market’s operations.The steering group will be led by MoP, the Ministry of Environment, Forestry, and Climate Change (MoEFCC), and other ministries will be represented. The empowered committee will offer guidelines on issuance criteria, the validity of approved emission reductions, and specific application procedures in the near future.
The National Steering Committee will be responsible for offering recommendations for the formulation and finalisation of procedures for institutionalising the Indian carbon market, setting specific greenhouse gas emission targets for obligated entities, developing guidelines for trading carbon credit certificates outside of India, and issuing carbon credit certificates.
It will also be responsible for developing the process or conditions for the crediting period, renewal, or expiry of a carbon credit certificate, monitoring the functions of the Indian carbon market, forming any committee or working group as needed in connection with the Indian carbon market, and performing any other functions assigned to it by the central government.