Including Offset mechanism under CCTS notification

7797 GI/202 3 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 5140] NEW DELHI, TUESDAY , DECEMBER 19, 2023/ AGRAHAYANA 28, 1945 CG-DL-E-19122023-250750 MINISTRY OF POWER NOTIFICATION New Delhi, the 1 9th December , 2023 S.O. 5369(E).— In exercise of the powers conferred by clause (w) of section 14 of the Energy Conservation Act, 2001 (52 of 2001) the Central Government, in consultation with the Bureau, hereby makes the following amendments to the Carbon Credit Trading Scheme, 2023 (herein after referred to as the Principal Scheme), namely: - 2. In the principal Scheme, in the sub -paragraph (1) of paragraph 2, - (i) in clause (b), after the words “carry out”, the words “validation or” shall be inserted; (ii) in clause (k), after the words “that can”, the words “either generate or” shall be inserted; (iii) in clause (l), after the words “compliance mechanism”, the words “and given a target for emission reduction” shall be inserted; (iv) after clause (l), the following clause shall be inserted, namely: - “(la) “offset mechanism” means a mechanism under this Scheme where the non -obligated entities can register their projects for accounting greenhouse gases emission reduction or removal or avoidance for issuance of Carbon Credit Certificates; ” 3. In the princip al Scheme, in sub -paragraph (1) of paragraph 4, - (i) after clause (c), the following clause shall be inserted, namely: - “(ca) recommend to Bureau, the sectors in which non -obligated entities may register for generating carbon credits and the methodologies to b e used under the offset mechanism;” 4. In the principal Scheme, in the sub -paragraph (2) of paragraph 5, - (i) after clause (b), the following clause shall be inserted, namely: - “(ba) to identify the sectoral scope and develop the methodologies to be used under offset mechanism;” “(bb) to develop the standards and register the project under offset mechanism;” 5. In the principal Scheme, in sub -paragraph (1) of paragraph 8, the words “under compliance mechanism” shall be omitted;” 6. In the principal Scheme, aft er paragraph 11, the following paragraph shall be inserted, namely: - “11A. Offset Mechanism. – (1) The Bureau shall identify the sectoral scope and methodologies to be used under offset mechanism with the support of respective technical committees; (2) The Bureau on the recommendation of National Steering Committee for Indian carbon market and after approval of the Central Government, shall publish sectoral scope and methodologies from time to time; (3) The non -obligated entities can register their projec ts as per the published sectoral methodologies for greenhouse gases emission reduction or removal or avoidance for seeking issuance of Carbon Credit Certificates. 7. In the principal Scheme, in sub -paragraph (2) of paragraph 12, - (i) after clause (iv), the f ollowing clause shall be inserted, namely: - (iva) registration of projects under offset mechanism; (ii) in clause (v), after the word “reporting”, the word “validation” shall be inserted. [F. No. 21/6/2022 -EC-Part(2)] AJAY TEWARI , Addl. Secy. Note: The principal Scheme were published in the Gazette of India, Part II, Section 3, Sub -section (ii), vide number S.O. 2825 (E), dated the 28th June, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.