Lok Sabha clears Bill to speed up ‘green transition’ | India News
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NEW DELHI: Lok Sabha on Monday passed the Energy Conservation (Amendment) Bill, 2022, which aims to hasten green transition by giving the government powers to regulate energy consumption, mandate use of non-fossil fuels by industries and set efficiency standards for vehicles, ships and equipment as part of India’s climate action architecture.
Power minister R K Singh described it as “the bill for the future.” The bill amends the Energy Conservation Act of 2001 and empowers the Centre to specify a trading scheme for carbon credit – a tradable permit to produce a specified amount of carbon emissions.
Under the bill, the Centre can order ‘designated consumers’ to meet a minimum share of energy consumption from non-fossil sources. For carbon trading, the Centre or any authorised agency may issue carbon credit certificates to entities registered under and compliant with the scheme.
Power minister R K Singh described it as “the bill for the future.” The bill amends the Energy Conservation Act of 2001 and empowers the Centre to specify a trading scheme for carbon credit – a tradable permit to produce a specified amount of carbon emissions.
Under the bill, the Centre can order ‘designated consumers’ to meet a minimum share of energy consumption from non-fossil sources. For carbon trading, the Centre or any authorised agency may issue carbon credit certificates to entities registered under and compliant with the scheme.
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