One of the final Bills passed by the Lok Sabha during the Monsoon Session of Parliament was the Energy Conservation (Amendment) Bill, 2022. To this legislation there are various aspects that are of interest, but the most important development of those in the law is perhaps the proposal for a carbon market in India that could lead to emission trading and reduction. In particular, the law would allow the Union government to delineate a mechanism for trading carbon credits as well as give it the power to issue emission or carbon certificates that might subsequently be traded. Such legal backing for a carbon market comes not a minute too soon. There are already almost three dozen emission-trading schemes in the world of very varied efficiency and reliability. There are certain big holdouts, the United States among them — which is unsurprising since that country constantly fails to agree at federal level about even very basic progressive measures. India cannot afford to be numbered among these holdouts for certain very good reasons.
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First Published: Sun, September 04 2022. 22:25 IST
