Export of Carbon Credits to Continue in Full Rigour, says EKI Energy after Power Minister’s Clarification on Ban
Carbon credits developer and supplier EKI Energy Services has welcomed the government’s stand on the export of surplus carbon credits and stated that the export of carbon credits will continue in full rigour.
October 10, 2022. By Manu Tayal
The announcement came in the backdrop of a clarification by the Power and New & Renewable Energy Minister RK Singh, that the surplus carbon credits from the country will continue to be exported worldwide.
Speaking to the media on the sidelines of the curtain raiser event for the Fifth Assembly of the International Solar Alliance, RK Singh said, “we are not looking to ban carbon credits. The ban will only be up to the extent required for our own NDCs [Nationally Determined Contributions]”. He added, “The carbon credits that go to make up our own NDCs we would want to keep for ourselves and anything beyond that can be sold anywhere in the world. Other countries can look forward to huge quantities of carbon credits being available in India”.
The move will ensure continued stability as the domestic carbon market gears up for a revolution with the development of the National ETS under the EC Act 2022, the Indore-based company said in a statement.
Commenting on the Government’s Stance, Manish Dabkara, CMD & CEO of EKI Energy Services Ltd, said, “We are happy to hear that this matter finally has greater clarity by the Minister himself. Carbon credits and its trade is an imperative and integral part of any climate positive plans given its capabilities to control GHG emissions. This clarification will enable the entire industry ecosystem to continue its efforts towards strengthening the country’s domestic market with a steady supply of credits that will further accelerate India’s journey to a carbon neutral future and pave the way for the market to unlock new potentials and unleash a new era of environmental activism in India”.
The development reiterates the clarification that the company had issued in August 2022, confirming that there will be zero restrictions on the sale of carbon credits developed in India to International global voluntary markets. As for Article 6 carbon credits, greater clarity is expected, post the COP27 meeting in the coming month.
The country’s carbon market is all set for a revolution. The Energy Conservation [EC] Act 2022 will bring fair play and increased transparency, enabling all stakeholders with equal opportunities, the company added.
With the implementation of the National ETS, the domestic carbon credits market will enable the development of higher quality sources of carbon credits, benefitting both buyers and sellers, it added.
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