Question 7GS3GS2
Examine the key features of the Carbon Credit Trading Scheme (CCTS) 2023. Analyse its potential on mitigation provisions.
Main Body
The Carbon Credit Trading Scheme aims at creating a auction carbon trading market to reach India's target of Net2070. 0y 2070. Key features: (1) Integrates all fragmented carbon markets into single market (2) The price of carbon credits will be market determined (3) Scheme will also indulge Renewable Purchase Obligation RPO and PAT (Perform Achieve Trade) codes Potential in mitigating greenhouse gas: (1) It perimeters a market-based mechanism, thus creating incentives to reduce greenhouse emissions.
2Those investing in green technologies can earn and trade carbon credits from trading scheme. (3) The financial incentive provided will spur innovation and R&D in green energy. Thus, the scheme can be a stepping stone to achieve India's aim of de-carbonization and reach its Paris and Glasgow past commitments.
127 words1 paragraphs
Topper
Utkarsh Yadav
2024
Subject & Paper
GS3GS2
Topic
Government Policies and Interventions - Design, Implementation and Issues
Climate Change and Green Economy
Writing Stats
127
Total words
1
Paragraphs
analytical
Tone