Goalgrounds of greenhouse gases: 282 industrial units under commitment to reduce emissions

On four sectors-the aluminum, cement, leak and chlorine-chlorine-compliance with the targets of reducing greenhouse gases for the government for the 26th and fy27 fiscal year. Failure to do so, they will have to buy carbon assets or pay environmental compensation.

The Ministry of Environment, Forests and Climate Change issued a draft notice on this issue according to the compliance mechanism of carbon credit trading scheme, 2023. This means that the industry that works in these sectors will have to comply with the goals of the severity of greenhouse gas emissions (GEI).

This step also operates a local carbon trading system and carbon credit trading system for the very four polluted sectors. The ministry set GEI goals for 13 aluminum factories in Vedanta, Nalco, Hindalco, Bharat Aluminium, etc.; 186 Cement plants from UltraTec, ACC, Ambuja, JSW cement and others.

“The industry will notice its goal in GEI for the year of compliance concerned by purchasing carbon credit certificates from the Indian carbon market, in the event that the specified GEI goal is not achieved. They will be responsible for paying a penalty, in the event of not being completed, in exchange for the deficiency in the year of compliance concerned.”

Under -range industries will now have to take proactive measures to reduce their emissions or buy carbon credit to balance the deficiency under the goal. This is the first time that the government has come out with the goals of reducing quantitative emissions for each player in these sectors.

Carbon credit trading scheme, 2023 under the Energy Conservation Law, 2001 determines the Indian carbon market frame where a market framework is created to trade carbon credit certificates to reduce or avoid greenhouse gas emissions.