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NEW DELHI: India has finalised its list of activities to be considered for trading of carbon credits under bilateral/ cooperative approaches in the international carbon market under the mechanism of the Paris Agreement on climate change.
These broad mitigation activities in the list of 13 include renewable energy with storage (only stored component), solar thermal power, off- shore wind, green hydrogen, compressed biogas, emerging mobility solutions like fuel cells and high end technology for energy efficiency.
It means any entity can earn and accumulate credit through these selected cleaner activities and those credits can be traded on a global platform. Under the mechanism, high emitting industries/entities can buy credits from those who earned it through adopting those listed activities.
The other activities in the list of 13 are sustainable aviation fuel; best available technologies for process improvement in hard to abate sectors; tidal energy, ocean thermal energy, ocean salt gradient energy, ocean wave energy and ocean current energy; high voltage direct current transmission in conjunction with the renewable energy projects; green Ammonia; and Carbon Capture Utilization and Storage
“These activities will facilitate adoption/transfer of emerging technologies and may be used to mobilise international finance in India. The activities will initially be for the first three years and may be updated/revised by the National Designated Authority for the Implementation of the Paris Agreement (NDAIAPA),” said the environment ministry in a statement.
India had notified the NDAIAPA in May last year to take decisions in regard to the type of projects that may take part in the international carbon market under Article 6 of the Paris Agreement.
The Authority was notified in the backdrop of the Paris Agreement rulebook which focuses on carbon trading through bilateral/cooperative approaches and international market mechanisms.
These broad mitigation activities in the list of 13 include renewable energy with storage (only stored component), solar thermal power, off- shore wind, green hydrogen, compressed biogas, emerging mobility solutions like fuel cells and high end technology for energy efficiency.
It means any entity can earn and accumulate credit through these selected cleaner activities and those credits can be traded on a global platform. Under the mechanism, high emitting industries/entities can buy credits from those who earned it through adopting those listed activities.
The other activities in the list of 13 are sustainable aviation fuel; best available technologies for process improvement in hard to abate sectors; tidal energy, ocean thermal energy, ocean salt gradient energy, ocean wave energy and ocean current energy; high voltage direct current transmission in conjunction with the renewable energy projects; green Ammonia; and Carbon Capture Utilization and Storage
“These activities will facilitate adoption/transfer of emerging technologies and may be used to mobilise international finance in India. The activities will initially be for the first three years and may be updated/revised by the National Designated Authority for the Implementation of the Paris Agreement (NDAIAPA),” said the environment ministry in a statement.
India had notified the NDAIAPA in May last year to take decisions in regard to the type of projects that may take part in the international carbon market under Article 6 of the Paris Agreement.
The Authority was notified in the backdrop of the Paris Agreement rulebook which focuses on carbon trading through bilateral/cooperative approaches and international market mechanisms.
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