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Overview of Legal and Policy Measures of Carbon Trading and Renewable Energy Certificate (REC) In India

Haider Ali * and Santosh Kumar Tiwari

Corresponding author Email: haideralizaidi1983@gmail.com

DOI: http://dx.doi.org/10.12944/CWE.16.1.26

It is scientifically well proven facts that carbon dioxide is the main cause of greenhouse gas emission by burning of fossils fuels. Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) empower the parties to curb greenhouse gas emissions from the diverse industries by elaborating the mechanisms of Clean Development Mechanism Joint Implementation, and Emission Trading. This has created an international market for carbon trading. The paper addresses the global and Indian’s national carbon trading system, starting with the UNFCCC, and Kyoto Protocol comprising carbon credit components. The paper also tries to examine the obligation of India under the Kyoto protocol and later discuss the legal and policy framework implemented by India to encourage CDM and carbon trading in India.  It traces different policy measures like National Action Plan and State Action Plans on Climate Change, National Mission on Enhanced Energy Efficiency (NMEEE), Climate Change Action Program, 2010, Perform Achieve and Trade (PAT), Renewable Energy Credit Trading System (REC), PILOT ETS in some Indian provinces, the significant arrangements of Energy Conservation Act, 2001 and The Environmental Protection Act, 1986, Air (Prevention and Control of Pollution) Act, 1981 are likewise examined. This paper further discusses the positives and negative aspect of this scheme and also its review, criticisms and problems. It ends by providing an Indian perspective to this scheme. Study of this paper would be especially beneficial for the governments, stakeholders and research scholars to know the whole legal and policy mechanism of carbon trading.

Carbon Trading; Climate Change; Kyoto Protocol; UNFCCC

Copy the following to cite this article:

Ali H, Tiwari S. K. Overview of Legal and Policy Measures of Carbon Trading and Renewable Energy Certificate (REC) In India. Curr World Environ 2021;16(1). DOI:http://dx.doi.org/10.12944/CWE.16.1.26

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Ali H, Tiwari S. K. Overview of Legal and Policy Measures of Carbon Trading and Renewable Energy Certificate (REC) In India. Curr World Environ 2021;16(1). Available From : https://bit.ly/2NB0Fuv

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