India finalises 13 activities under 3 heads for trading of carbon credits
New Delhi, February 17, 2023
Green ammonia approved as alternative material for greenhouse gas mitigation
The Union government has finalised a list of activities to be considered for trading of carbon credits under Article 6.2 mechanism to facilitate transfer of emerging technologies and mobilise international finance in India.
India has also notified the National designated Authority for the Implementation of the Paris Agreement (NDAIAPA) in May 2022.
Overall 13 activities have been finalised under three heads – GHG mitigation activities, alternate materials, and removal activities.
The final list for GHG mitigation includes areas like renewable energy with storage (only stored component), solar thermal power, off- shore wind, green hydrogen, compressed biogas, emerging mobility solutions, high end technology for energy efficiency, sustainable aviation fuel, use of best available technologies, tidal energy, high voltage direct current transmission in conjunction with the renewable energy projects.
Green ammonia received final approval as an alternative material for removal activities, carbon capture utilisation 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 NADAIPA, the ministry of environment, forest, and climate change said in a statement on Friday.
The Authority is mandated, inter-alia, to take decisions on the type of projects that may take part in the international carbon market under Article 6 mechanisms.
This is in the backdrop of the Paris Agreement Rulebook being finalised in respect of Article 6 which focuses on carbon trading through bilateral/cooperative approaches and international market mechanisms. India has taken steps mandated by the host party/country.
[The Business Standard]