Examine the key features of the Carbon Credit Trading Scheme (CCTS) 2023. Analyze its potential for mitigating greenhouse gas emissions in India.
Main Body
According to UNEP, the temperature has risen by 1.2°C due to greenhouse gas emissions and may cross 1.5°C by end of this decade.
Carbon Credit Trading Scheme (CCTS) 2023 has been launched in India to mitigate the emissions.
Key features:
Based on principle of Perform, Achieve, Trade
The polluter pays principle forms the core of the scheme.
Potential for mitigating the greenhouse gas emissions:
(i) Incentivizes the usage of renewable energy by the company
(ii) Adoption of processes that leads to low emission
(iii) Use of technology such as carbon capture and storage (CCS) to reduce emissions
(iv) Make the manufacturing use green
However, there are challenges in its implementation:
Carbon Trading that was first proposed in Kyoto Protocol is being implemented in the country helping to achieve the goal of Net Zero Carbon emissions by 2070.
Conclusion
Carbon Trading that was first proposed in Kyoto Protocol is being implemented in the country helping to achieve the goal of Net Zero Carbon emissions by 2070.
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Diagram
Diagram showing carbon credits system: Carbon credits gained from emissions → sell → cap → breach of cap
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Aditya Agarwal
Government Policies and Interventions - Design, Implementation and Issues
Government Schemes and Policies
Carbon Credit Trading and Climate Change
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