Examine the key features of the Carbon Credit Trading Scheme (CCTS) 2023. Analyze its potential for mitigating greenhouse gas emissions in India.

The Carbon Credit Trading Scheme 2023 was launched under the Electricity Conservation Act, 2021, managed by the Bureau of Energy Efficiency. Features of CCTS, 2023: 1) Development of carbon markets in India, for trading of carbon credits. 2) Implementation of Perform, Achieve, Trade' scheme => generating tradeable certificates for excess assigned account units CAU. 3) Reducing the overall generation of CO2 emissions, by commercialisation of the carbon trade. 4) Integration of the Indian carbon markets, with global markets formed under Kyoto Protocol.

Potential for mitigating carbon emissions: 1) CCTS incentivises the business to invest in carbon registration and energy efficiency ↑ injsost institute. 2) Carbon markets will generate competition and investments for adopting renewable sources. 3) Renewable purchase obligation will complement CCTS. 4) Increased inflow of foreign investment in development of clean energy. Limitations of CCTS: 1) Commodification of carbon => free licence to release carbon and their carbon credits. 2) Reduced the legal effect for mandatory requiring CO2 emissions. 3) Carbon leakages => out shifting of manufacturing processes to counter weak environmental norms. 4) Lack of institutional and regulatory axis to manage carbon markets. Nevertheless, CCTS can be an attractive tool for corporate concessions to invest in green renewable initiatives.