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India to Announce Carbon Market Framework Soon, says RK Singh

The carbon market rules have already been passed, and the government has received stakeholders’ noteworthy points on the draft which was circulated.

June 27, 2023. By EI News Network

India has minimised its net emissions intensity by 33 percent according to NDCs by 2021 and targets to offset its emissions intensity by 45 percent by the year 2030.

Minister for Power and New & Renewable Energy, RK Singh stated that carbon market rules will be released very soon.

The carbon market regulations have already been passed, and the government has received stakeholders' noteworthy points on the draft which was circulated.

He explained that out of the two PLI schemes for the nation’s production of renewable energy equipment, the first one yielded a manufacturing capacity of 8700 MW, which is presently in the pipeline; whereas the second yielded a manufacturing capacity of 39 GW, which is going to begin very soon.

Mentioning that will have 47 to 48 GW of renewable energy capacity in the pipeline under the PLI scheme, he expanded that another 40-50 GW of capacity is anticipated to come up without any PLI scheme.

The focus is on the nation's target that all inclusive renewable energy capacity of 100 GW by 2030.

He further added that India is to evolve as a huge exporter of equipment as Indian solar PV modules are already being exported to the US and wind equipment is being exported to several developed countries.

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