Abstract
It is scientifically well proven facts that carbon dioxide is the main cause of greenhouse gas emission by burning of fossils fuels. Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) empower the parties to curb greenhouse gas emissions from the diverse industries by elaborating the mechanisms of Clean Development Mechanism Joint Implementation, and Emission Trading. This has created an international market for carbon trading. The paper addresses the global and Indian’s national carbon trading system, starting with the UNFCCC, and Kyoto Protocol comprising carbon credit components. The paper also tries to examine the obligation of India under the Kyoto protocol and later discuss the legal and policy framework implemented by India to encourage CDM and carbon trading in India. It traces different policy measures like National Action Plan and State Action Plans on Climate Change, National Mission on Enhanced Energy Efficiency (NMEEE), Climate Change Action Program, 2010, Perform Achieve and Trade (PAT), Renewable Energy Credit Trading System (REC), PILOT ETS in some Indian provinces, the significant arrangements of Energy Conservation Act, 2001 and The Environmental Protection Act, 1986, Air (Prevention and Control of Pollution) Act, 1981 are likewise examined. This paper further discusses the positives and negative aspect of this scheme and also its review, criticisms and problems. It ends by providing an Indian perspective to this scheme. Study of this paper would be especially beneficial for the governments, stakeholders and research scholars to know the whole legal and policy mechanism of carbon trading.
Highlights
Climate change means a change or variation in climate which is caused by an anthropogenic activity that alters the configuration of the earth’s environment and which is besides natural climate variability detected over certain periods
In the 1st cycle of Perform Achieve and Trade (PAT), as implemented by Bureau of Energy Efficiency (BEE), in the period from 2012 to 2015, 400 industries were able to reduce their emissions to the tune of 31 Million Tonnes of Carbon Dioxide.In the 2nd PAT cycle, which is from April 2016 to March 2019, the target for reducing energy consumption is 8.869 Million Tonnes of Oil Equivalent (MTOE) including 11 sectors.A big success story of the Efficiency Services Limited (EESL) program was the implementation of Unnat Jyoti Affordable LEDs for All (UJALA) and it transformed India's access to LED bulbs which has saved huge energy for the nation and this result in the reduction of carbon emissions every year to the tune of 27 million tones
India is the principal receiver of carbon trading and carbon credits are dealt on the Multi Commodity Exchange (MCX)—the country’s biggest commodity exchange
Summary
Climate change means a change or variation in climate which is caused by an anthropogenic activity that alters the configuration of the earth’s environment and which is besides natural climate variability detected over certain periods.. In the 1st cycle of PAT, as implemented by BEE, in the period from 2012 to 2015, 400 industries were able to reduce their emissions to the tune of 31 Million Tonnes of Carbon Dioxide.In the 2nd PAT cycle, which is from April 2016 to March 2019, the target for reducing energy consumption is 8.869 Million Tonnes of Oil Equivalent (MTOE) including 11 sectors.A big success story of the EESL program was the implementation of Unnat Jyoti Affordable LEDs for All (UJALA) and it transformed India's access to LED bulbs which has saved huge energy for the nation and this result in the reduction of carbon emissions every year to the tune of 27 million tones.. 25www.https://beeindia.gov.in 26https://beeindia.gov.in/content/pat-read-more 27Electricity Act No 36 of 2003 Under this REC mechanism, a renewable energy generator will produce power in any part of the world by renewable resources and the generator gets the cost equal to that from any traditional source when the environmental characteristic is sold at the market-determined exchanges.. The Act has been amended with the addition of a new provision to enable this and it allows such trading.
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