Carbon Credit Trading Scheme (CCTS), 2023 introduced under the Energy Conservation (Amendment) Act, 2022, replaces the Perform, Achieve, and Trade (PAT)

 Why in News?:

The Carbon Credit Trading Scheme (CCTS), 2023 introduced under the Energy Conservation (Amendment) Act, 2022, replaces the Perform, Achieve, and Trade (PAT) scheme to establish the Indian Carbon Market (ICM), aligning with India’s climate commitments under the Paris Agreement.


What is the Carbon Credit Trading Scheme?:

CCTS:
The CCTS is a market-based mechanism introduced to regulate and trade carbon credits under the ICM.

The CCTS aims to decarbonize the Indian economy by pricing greenhouse gas (GHG) emissions and facilitating carbon trading.

Transition from PAT to CCTS:
The PAT scheme focused on energy efficiency improvements in energy-intensive industries through Energy Saving Certificates (ESCerts).

CCTS replaces PAT, shifting the focus from energy intensity to reducing GHG emission intensity, monitoring emissions per tonne of GHG equivalent.

It issues Carbon Credit Certificates (CCC), each representing a one-tonne CO2 equivalent (tCO2e) reduction.

What is Carbon Pricing?:

About: 

Carbon pricing is an economic strategy that captures the external costs of carbon emissions (such as damage to crops, rising healthcare costs, and property losses due to extreme weather) and links them to their sources. 

This mechanism shifts the financial burden back to polluters, giving them the choice to either reduce their emissions, continue polluting and pay for it, or invest in cleaner technologies.

Current global carbon pricing mechanisms cover 12.8 gigatonnes of CO₂ (25% of global emissions) across 89 countries.

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