{"id":295747,"date":"2023-07-01T12:30:45","date_gmt":"2023-07-01T07:00:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=295747"},"modified":"2023-07-01T11:50:57","modified_gmt":"2023-07-01T06:20:57","slug":"govt-notifies-carbon-credit-trading-scheme-to-govern-carbon-market-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/01\/govt-notifies-carbon-credit-trading-scheme-to-govern-carbon-market-legal-news\/","title":{"rendered":"Govt forms National Steering Committee to govern Carbon Market vide Carbon Credit Trading Scheme, 2023"},"content":{"rendered":"
\n

On 28-6-2023, the Ministry of Power notified the Carbon Credit Trading Scheme, 2023<\/b> whereby the governance of Indian Carbon Market and direct oversight of its functioning will be done by the National Steering Committee for Indian Carbon Market.<\/b><\/p>\n

Key Point:<\/b><\/p>\n

1. National Steering Committee<\/b> will recommend the Bureau:<\/p>\n

• for formulation and finalization of procedures\/ rule\/ regulations for institutionalizing\/ functions the Indian carbon market;<\/p>\n

• for formulation of specific greenhouse gases emission targets for the obligated entities;<\/p>\n

• for formulation and finalization of guidelines regarding trading of carbon credit certificates outside India;<\/p>\n

• to issue carbon credit certificate;<\/p>\n

• to development process or conditions for crediting period or renewal or expiry of carbon credit certificate;<\/p>\n

• Monitor the functions of Indian carbon market;<\/p>\n

• constituting any Committee or Working group as required in connection with Indian carbon market.<\/p>\n

2. The Chairperson<\/b> will call a meeting once in every quarter of every year.<\/p>\n

3. Bureau as administrator<\/b> will discharge following functions:<\/p>\n

• identify sectors and potential for reduction of greenhouse gases emissions;<\/p>\n

• develop trajectory and targets for the entities under compliance mechanism;<\/p>\n

• issue the carbon credits certificate based on the recommendation;<\/p>\n

• develop market stability mechanism for carbon credits;<\/p>\n

• develop the procedure for accreditation and functions of accredited carbon verification agency;<\/p>\n

• accredit the agencies in accordance with the approved procedure for accredited carbon verification agency;<\/p>\n

• develop data submission formats, forms for effective functioning of Indian carbon market;<\/p>\n

• undertake capacity building activities for the stakeholders.<\/p>\n

4. The Central Electricity Regulatory Committee<\/b> as Regulator<\/b> will discharge following functions:<\/p>\n

• regulate matters relating to trading of carbon credit certificates;<\/p>\n

• safeguard interest of both sellers and buyers;<\/p>\n

• regulate frequency of carbon credit certificates trading;<\/p>\n

• provide market oversight and take necessary preventive and corrective actions to prevent fraud or mistrust.<\/p>\n

5. The Central Government will determine the procedure, eligibility for Accreditation of any agency to function as Accredited Carbon Verification Agency.<\/b><\/p>\n

6. The compliance mechanism<\/b> will be decided by the Ministry of Power.<\/p>\n

7. The detailed procedure of operationalizing the Indian Carbon Market will be developed by the National Steering Committee<\/b> which has to contain the following: criteria for issuance\/ validity\/ floor and forbearance of Carbon Credit Certificates, requirement\/ format and timeline for submissions, monitoring\/ reporting and verification.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On 28-6-2023, the Ministry of Power notified the Carbon Credit Trading Scheme, 2023 whereby the governance of Indian Carbon Market and direct <\/p>\n","protected":false},"author":67515,"featured_media":293130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[58914,58913,58915],"class_list":["post-295747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-indian-carbon-market","tag-ministryof-power","tag-national-steering-committee"],"yoast_head":"\nPower Ministry notifies Carbon Credit Trading Scheme 2023 | SCC Blog<\/title>\n<meta name=\"description\" content=\"Power Ministry notified Carbon Credit Trading Scheme 2023 forming National Steering Committee to govern Indian Carbon Market.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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ITAT elucidates","author":"Editor","date":"July 7, 2022","format":false,"excerpt":"Income Tax Appellate Tribunal (ITAT), Mumbai: While deciding the instant appeal wherein a major issue that came before Tribunal was whether receipts received by the assessee on sale of alleged carbon credit is revenue in nature or capital in nature. 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