CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Ministry of Environment, Forest and Climate Change has issued a draft notification under the Energy Conservation Act, 2001, proposing the "Greenhouse Gas Emission Intensity Target Rules, 2025." This initiative is a major component of India’s Carbon Credit Trading Scheme, 2023, and aims to create a regulatory structure to cut down greenhouse gas (GHG) emissions through market-based mechanisms.
Key Objective: Lowering Emission Intensity Across Industries
The draft rules set out specific emission intensity targets for various industrial sectors. These targets, calculated in terms of tonnes of CO? equivalent emissions per tonne of output, will be formulated by the Bureau of Energy Efficiency (BEE). The targets will apply during the 2025-26 and 2026-27 compliance periods, based on baseline emission data collected in 2023-24.
Enforcement And Penalty Mechanisms
Industries failing to meet their designated targets must purchase carbon credit certificates to offset excess emissions. If companies still fall short, they will face financial penalties imposed by the Central Pollution Control Board (CPCB). The fines could amount to twice the average market value of carbon credits during the compliance window. Revenue collected from these penalties will be reinvested into strengthening the Carbon Credit Trading Scheme.
Industry-Specific Emission Limits
The draft outlines tailored emission targets for high-emission sectors, particularly the aluminium and cement industries. Major players like Vedanta and Hindalco have been assigned clear reduction goals. For instance, Vedanta’s Smelter II must reduce its emission intensity from 13.4927 in 2023-24 to 13.2260 by 2025-26.
Alignment With National Climate Goals
These proposed rules support India’s broader pledge to achieve net zero emissions by 2070. They reflect a shift towards integrating environmental responsibility within industrial development and ensuring consistent climate action across crucial sectors.
Boosting Carbon Trading Ecosystem
The notification is expected to strengthen India’s emerging carbon market by allowing entities to accumulate surplus carbon credits for future use. This flexibility could motivate industries to invest in cleaner and more efficient technologies, further advancing India’s sustainability goals.
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