Rajya Sabha gives a nod to energy conservation bill
By MYBRANDBOOK
The Energy Conservation (Amendment) Bill, 2022 has been approved by the Rajya Sabha. The bill empowers Centre to specify a domestic carbon credit trading scheme and makes it mandatory for big power consumers to meet a portion of their energy needs from renewable sources.
As per the power ministry, the domestic carbon market scheme is an important step for India to achieve the nationally determined contributions under the Paris climate pact. The bill was passed by the Lok Sabha on August 8.
The trading scheme will function just like the existing schemes for renewable energy credits and energy savings certificates, Power Minister RK Singh said in response to these concerns. “It will obligate consumers of power like distribution companies, big consumers like industries with captive power plants to reduce carbon emissions,” he said. “Those who reduce a lot more than asked to will get carbon credits, those not able to achieve will have to buy credits or pay a penalty.”
The bill is futuristic and will play a critical role in achieving India’s climate goals, Singh said. “We should be proud that we are discussing this issue today. There is no country that is not impressed by our effort. Developed countries are now defensive because of our progress on climate action and energy transition,” he said.
“The passing of the Electricity Amendment Bill by the upper house of the Parliament gives legislative teeth to India’s domestic carbon credits trading market,” said Vaibhav Chaturvedi, fellow at the Council on Energy, Environment and Water, a think tank. “Carbon pricing as an instrument will be critical for India to achieve its net-zero target and this has been a bold and ambitious move by the government of India.”
“The next step should be to train industry participants on the operational aspects of the market to ensure success of this intervention and institutionalise it in the Indian ecosystem,” he added.
“The new bill provides scope of efficiency increase in both direct and indirect manner,” said Tirthankar Mandal, Head, Policy Governance at the World Resources Institute’s India energy programme. “We hope that the line ministries and the private stakeholders work together with BEE to ensure a smooth implementation of the Act in future.”
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