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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table>The Bureau of Energy Efficiency (<a href="https://beeindia.gov.in/en" target="_blank" rel="noopener">BEE</a>) has issued the draft Detailed Procedure for Compliance Mechanism under the Carbon Credit Trading Program.
Compliance mechanism
Under the new procedure, the Ministry of Environment, Forest and Climate Change will announce the greenhouse gas (GHG) emission intensity targets for tons of carbon dioxide equivalent (tCO2e) per unit of equivalent product for each defined trajectory cycle applicable to obligated entities.
These obligated entities will be informed of an annual target for three years, and upon the conclusion of this period, the targets will undergo revision.
Entities must adhere to the GHG emission intensity targets assigned annually within the compliance cycle.
The obligated entity that exceeds the targeted GHG emission intensity in any compliance cycle is entitled to the issuance of carbon credit certificates based on the difference in the achieved and targeted GHG emission intensity for the production quantity in the relevant compliance cycle.
Entities failing to achieve the targeted GHG emission intensity in any compliance cycle are entitled to purchase the carbon credit certificates based on the difference in the achieved and targeted GHG emission intensity for the production in the relevant compliance cycle.
Establishment of GHG Emission Targets
To establish GHG emission intensity targets, the technical committee established by the Bureau will compute the GHG emission intensity for the baseline year and set targets for each compliance cycle.
GHG emission intensity reduction trajectory will be developed for the considered sectors based on India’s nationally determined contribution commitments and potential for fuel switch, use of non-fossil fuel energy/feedstock, and decarbonization in the sector. It will also consider available technology and the associated cost of their implementation.
This calculation will encompass direct energy, process (non-energy), and indirect energy-related emissions from the obligated entity&#8217;s establishment boundary, considering the products manufactured during the year on a gate-to-gate basis or reception of the raw materials to the completion of the production process.
Here&#8217;s a breakdown of the components involved:
Direct GHG Emissions:
<ul>
<li>These are emissions from sources owned or controlled by the obligated entity.</li>
<li>It includes emissions from the combustion of any fossil fuel burned in stationary equipment like boilers, gas turbines, kilns, or furnaces to generate heat, mechanical work, and steam.</li>
</ul>
Direct Process Emissions:
<ul>
<li>Refers to emissions from industrial processes that are not related to combustion.</li>
<li>These emissions result from chemical reactions between substances or their transformations.</li>
</ul>
Indirect GHG Emissions:
<ul>
<li>These GHG emissions occur as a consequence of the obligated entity&#8217;s activities but occur at sources outside the obligated entity&#8217;s establishment.</li>
<li>This category includes indirect emissions from electricity purchased from the grid and emissions from electricity and heat imported from outside the plant boundary.</li>
</ul>
Calculation of GHG emissions 
All potential emission sources and corresponding source streams within the establishment are initially meticulously identified. These sources comprehensively cover energy and process (non-energy) related GHG emissions.
A comprehensive examination of various forms of GHG emission sources from energy use is conducted, encompassing solid fuel, liquid fuel, gaseous fuel, purchased electricity, purchased heat, or any other energy form imported for production.
Additionally, the consideration extends to process-related GHG emissions arising from chemical reactions between substances or transformations, wherever applicable. The total GHG emissions are then estimated by aggregating emissions from diverse sources and converting them into a standardized GHG emissions unit, specifically measured in tCO2e.
This method ensures a comprehensive assessment of the environmental impact of the obligated entity&#8217;s establishment.
GHG emissions from biomass, renewables, refrigerant leakages, or if GHG emissions are captured or utilized by the plant through carbon capture, storage, and utilization technology.
Verification process
In consultation with the Accredited Carbon Verification Agency, the obligated entity must implement transparent, independent, and credible monitoring and reporting arrangements for GHG emissions and production for compliance with GHG emissions intensity targets.
The obligated entity must monitor greenhouse gas emissions based on the monitoring plan. It must submit the plant to the Bureau within three months from the commencement of a compliance cycle, taking into account the nature and functioning of the entity.
Entities should monitor the activity data of a source stream in one of the following direct ways– (a) based on continual measurement at the emission source (b) based on quantities aggregated at regular intervals &#8211; daily/ weekly/ monthly, considering relevant stock changes.
Entities must ensure that coal samples are picked up from the auto-sampler at least once a month or at every 20,000 tons and for raw material at least once a month or every 50,000 tons and get such samples tested at their internal lab and external National Accreditation Board for Testing and Calibration Laboratories accredited lab for material, energy analysis and ultimate analysis of coal.
Every obligated entity, within three months of the conclusion of the compliance cycle, must submit the performance assessment document covering the performance for the relevant cycle specifying the compliance with GHG emission intensity targets, duly verified together with a certificate of verification given by the accredited carbon verification agency.
The Bureau can initiate action for independent review of compliance report on receipt of a complaint.
The Bureau must submit the report to the National Steering Committee for Indian Carbon Market (NSCICM), based on the claim raised by the obligated entity, within two months from the last date of report submission for issuance of carbon credit certificates.
The NSCICM will recommend that the Bureau issue carbon credit certificates within two weeks of receiving the report.
Trading of Carbon Credit Certificates
Following the issuance of carbon credit certificates, obligated entities must complete registration on the Indian Carbon Market (ICM) Registry within four weeks from the certificate&#8217;s issuance. Additionally, non-obligated entities wishing to purchase carbon credit certificates voluntarily must also undergo registration on the ICM Registry. Upon successful registration with the ICM Registry, a certificate of registration will be issued to the respective obligated and non-obligated entities.
Subsequently, obligated and non-obligated entities can register and trade carbon credit certificates on Power Exchanges endorsed by the Commission specifically for carbon credit certificates trade under the ICM.
Banking of Carbon Credit Certificates
On completion of the compliance cycle, the balance carbon credit certificates of that compliance cycle can be banked to utilize in the next compliance cycles.
On completion of the compliance cycle, the balance carbon credit certificates of that compliance cycle can be banked to utilize in the next compliance cycles.
The banked carbon credit certificates purchased from the Indian Carbon Market can be used only to achieve compliance in the compliance cycles.
Compliance with GHG Emission Norms
The obligated entity should submit the long-term action plan within three months from the commencement of the first compliance cycle and the planned annual activities for the current compliance cycle.
The obligated entity must submit the annual planned activities for the subsequent compliance cycles within three months from the commencement of the relevant compliance cycle and a revised long-term action plan in case of any revision.
The obligated entity should comply and furnish the compliance status after the verification and trading process within nine months from the completion of the compliance cycle.
In July, the Ministry of Power, in consultation with the Bureau of Energy Efficiency, <a href="https://www.mercomindia.com/ministry-of-power-notifies-carbon-credit-trading-program/" target="_blank" rel="noopener">launched</a> the Carbon Trading Program 2023, outlining the processes, regulating agencies, and rules for carbon credit trading in India.
Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Bureau of Energy Efficiency Proposes Procedure for Carbon Credits Trading

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					</table>The Bureau of Energy Efficiency (<a href="https://beeindia.gov.in/en" target="_blank" rel="noopener">BEE</a>) has issued a draft Accreditation Procedure and Eligibility Criteria for Accredited Carbon Verification Agencies (ACV).
Stakeholders can submit their comments by November 22, 2023.
Under the new procedure, the reduction in greenhouse gas (GHG) emission intensity achieved by obligated entities will be assessed by ACVs accredited by BEE.
The ACV carrying out verification under the Indian Carbon Market (ICM) must be accredited for the sectoral scope where activity needs to be carried out.
The ACV seeking to conduct verification under the ICM must apply for accreditation in one or more sectoral scopes, including but not limited to:
<ul>
<li>PAT – Designated Consumer Sectors</li>
<li>Energy (renewable/non-renewable)</li>
<li>Energy distribution</li>
<li>Energy demand</li>
<li>Construction</li>
<li>Transport</li>
<li>Mining/mineral production</li>
<li>Fugitive emissions – from fuels (solid, oil, and gas)</li>
<li>Fugitive emissions – from industrial gases (halocarbons and sulfur hexafluoride)</li>
<li>Solvents use</li>
<li>Waste handling and disposal</li>
<li>Agriculture, forestry, and other land use</li>
<li>Livestock and manure management</li>
<li>Carbon capture and storage</li>
<li>Green hydrogen and its derivatives</li>
</ul>
The ACV must be a firm registered under the Indian Partnership Act 1932 or a company incorporated under the Companies Act 1956. It must have a minimum annual turnover of ₹5 million (~$60,011) in at least one of the previous three years. A net worth of ₹2 million (~$24,048) will apply to newly formed organizations.
The ACV must demonstrate its ability to analyze, identify, and evaluate the nature, scale, and impact of potential financial risks stemming from its verification activities. Arrangements should be in place to cover the identified financial risks.
The ACV&#8217;s management structure must include one full-time accredited energy auditor, two full-time energy auditors, and other sector experts.
Application for Accreditation
An eligible verification agency wanting to undertake the verification functions under the ICM must submit an application form to the Bureau. It must contain sectoral scopes, resources, expertise, continued competence procedures, and policy and processes to ensure impartiality.
The agency must pay the application fee of ₹10,000 (~$120) along with the application form for accreditation.
Application Review
Once the application is received, the Bureau will review the application and undertake a completeness check of the application documentation. If the documentation is incomplete, the Bureau will inform the applicant of the missing elements within two weeks of the application submission and request re-submission.
After receiving all required documents and preliminary review, the Bureau will publish the name of the verification agency on the ICM website for stakeholder consultation. The stakeholders will have 15 days to provide any comments and information regarding the verification agency to Bureau through an email.
The Bureau for Assessment and Interaction/interviews with the verification agency will constitute an Accreditation Advisory Committee (AAC). The Bureau will invite the verification agency representative of the team lead and sector experts for an interview with the AAC. The AAC will conduct the interview/interaction with the verification agency and assess the competence based on the assessment report and interaction/interview.
Issuance of Accreditation Certificate
On acceptance of the recommendation of AAC, the Bureau will issue the accreditation certificate to the verification agency as an ACV on payment of the annual accreditation fee of ₹5,000 (~$60).
The certificate of accreditation will be valid for five.
Performance Monitoring
The Bureau may call upon the accredited energy agency to furnish information relating to details of verification activity conducted along with necessary documentation. It will also monitor the performance of the ACV for the verification activity by asking for an annual report on verification activity.
Accreditation Advisory Committee
The Accreditation Advisory Committee must consist of:
<ul>
<li>Joint Secretary or equivalent to the Government of India in Ministry of Environment Forest and Climate Change</li>
<li>Joint Secretary or equivalent to the Government of India in Ministry of Power</li>
<li>Joint Secretary or equivalent to the Government of India in Ministry of New and Renewable Energy</li>
<li>Joint Secretary or equivalent to the Government of India in the Ministry of Steel</li>
<li>Director, Bureau of Energy Efficiency</li>
</ul>
The committee must at least meet once every quarter.
In July, The Ministry of Power, in consultation with the Bureau of Energy Efficiency, <a href="https://www.mercomindia.com/ministry-of-power-notifies-carbon-credit-trading-program/" target="_blank" rel="noopener">launched</a> the Carbon Trading Program 2023, outlining the processes, regulating agencies, and rules for carbon credit trading in India.
Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Bureau of Energy Efficiency Issues Terms for Accrediting Carbon Verification Agencies

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					</table>The European Union has taken one more step towards implementing the Carbon Border Adjustment Mechanism (CBAM), with the <a href="https://commission.europa.eu/index_en" target="_blank" rel="noopener">European Commission</a> adopting the rules governing the implementation of the carbon tariff on imported goods.
The transitional phase of CBAM, which starts on October 1 this year, will be in force until the end of 2025.
The carbon tariff measure has governments outside the EU and exporters of goods from those countries worried because they fear the competitiveness of their products will be dented. They have accused the bloc of being protectionist. India and China earlier this year <a href="https://www.mercomindia.com/india-voices-concern-over-europes-carbon-tariff-measure-at-wto" target="_blank" rel="noopener">raised</a> concerns about CBAM at the World Trade Organization.
The EU describes CBAM as a landmark tool to fight carbon leakage. According to it, carbon leakage occurs when companies based in the EU move carbon-intensive production abroad to take advantage of lower standards or when EU products are replaced by more carbon-intensive imports, undermining the bloc’s climate action.
In CBAM’s transitional phase, the tariff measure will apply only to imported products and commodities like cement, iron and steel, aluminum, fertilizers, electricity, and hydrogen.
The EU rules detail the reporting obligations for importers of CBAM goods and the methodology to calculate embedded emissions released during the manufacture of goods.
In the transitional phase, EU traders will only have to report on the emissions embedded in their imports without making any financial adjustments. The transitional phase will allow time for businesses to prepare for the mechanism and also for the definitive methodology to be fine-tuned by 2026.
The rules specify the specific embedded direct emissions of the goods, which will be determined by converting the attributed direct emissions of the production processes into emissions specific to the goods expressed as CO2e per ton.
The specific embedded emissions of goods produced in an installation can be determined using a carbon pricing mechanism where the installation is located or an emission monitoring system which can include verification by an accredited verifier.
Importers will also have to declare the electricity consumption, expressed in megawatt hours, of the production process per ton of goods produced for embedded indirect emissions associated with the products.
EU importers will have to collect fourth-quarter data as of 1 October 2023, and their first report must be submitted by January 31, 2024.
The rules provide for setting up a CBAM Transitional Registry, a system for filing and managing CBAM reports for reporting declarants.
India has said it would try convincing the EU to honor its carbon certificates to be issued after the Carbon Credit Trading Scheme comes into force. The government had <a href="https://www.mercomindia.com/comments-draft-carbon-credit-trading-program" target="_blank" rel="noopener">sought</a> feedback from stakeholders on the draft carbon credit trading program.

EU Takes a Step Closer to CBAM, Adopts Rules Governing Carbon Tariff Measure

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					</table>The Ministry of Power (<a href="https://powermin.gov.in/" target="_blank" rel="noopener">MoP</a>), in consultation with the <a href="https://beeindia.gov.in/en" target="_blank" rel="noopener">Bureau of Energy Efficiency</a>, has launched the Carbon Trading Program 2023, outlining the processes, regulating agencies, and rules for carbon credit trading in India.
To oversee the functioning of the Indian carbon market, the Central Government will establish the &#8220;National Steering Committee for Indian Carbon Market,&#8221; which will assume governance and direct responsibilities.
The committee&#8217;s primary focus will be to recommend procedures for institutionalizing the Indian carbon market, including rules and regulations, emission targets for obligated entities, guidelines for trading carbon credit certificates outside India and issuing carbon credit certificates.
Additionally, it will propose the development of processes or conditions for crediting periods, renewals, and expiration of carbon credit certificates.
Earlier in May, the Union government <a href="https://www.mercomindia.com/government-to-develop-carbon-credit-certificates" target="_blank" rel="noopener">announced</a> its plans to develop the Indian carbon market with a national framework to decarbonize the country’s economy by trading carbon credit certificates.
Under the program, the National Steering Committee will monitor the market&#8217;s operations and propose the creation of necessary committees or working groups, as listed below &#8211;
Administrator &#8211; 
As the administrator of the Indian carbon market, the Bureau of Energy Efficiency will identify sectors with the potential for reducing greenhouse gas emissions and suggest their inclusion in the market to the Ministry.
The Bureau will also establish a trajectory and targets for entities under the compliance mechanism and issue carbon credit certificates based on the National Steering Committee&#8217;s recommendations and subsequent approval by the Central Government.
Furthermore, the Bureau will develop market stability mechanisms, accreditation procedures, and the functions of accredited carbon verification agencies. It will determine fees for registered entities, ensuring the program&#8217;s implementation costs are met.
The Bureau will also develop processes for the crediting period, renewal, and expiration of carbon credit certificates, as well as data submission formats and forms for the effective functioning of the Indian carbon market.
Capacity-building activities for stakeholders and developing and maintaining the necessary information technology infrastructure, including a user guidance platform, fall within its purview.
Additionally, the Bureau will maintain a secure database with approved security protocols mandated by the government.
Registry
The Grid Controller of India, as the carbon market registry, will be responsible for fulfilling various functions per the Bureau&#8217;s directions.
These functions include registering obligated or non-obligated entities, maintaining a secure database with the necessary security protocols, keeping records of all transactions, sharing transaction records with the Power Exchange and Bureau, assisting in developing an information technology platform for the carbon credit certificate database, functioning as a meta-registry for India, and establishing connections with other approved national or international registries.
Regulator
As for the trading activities within the Indian Carbon Market, the Central Electricity Regulatory Commission (<a href="https://cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) will act as the regulator. This regulatory body will oversee matters related to the trading of carbon credit certificates, ensuring the interests of both sellers and buyers are protected.
It will regulate the frequency of carbon credit certificate trading and provide market oversight, taking necessary preventive and corrective actions to prevent fraud or mistrust.
The CERC&#8217;s role is to maintain a fair and trustworthy trading environment within the Indian Carbon Market.
Technical Committees
The Bureau will establish specialized technical committees, as necessary, to address different areas under the compliance mechanism of the program. Each committee will be headed by an expert member possessing the required eligibility and expertise in the respective sector.
These technical committees will undertake specific functions related to the program and provide recommendations to the Bureau on the matters assigned to them.
Carbon Credit Verification and Trading
The Bureau, with prior approval from the Central Government, will establish the procedure and eligibility criteria for the accreditation of agencies functioning as carbon verification agencies.
This process will be based on the recommendations of the National Steering Committee.
In terms of trading carbon credit certificates, the Commission will oversee the registration of power exchanges and approve the trading of carbon credit certificates within the Indian carbon market.
Power exchanges must seek the Commission&#8217;s approval for their respective bylaws and certificate trading rules. The power exchanges will be responsible for the functions related to the trading of carbon credit certificates.
Compliance
The Ministry of Power, in consultation with the Bureau, will determine the sectors and obligated entities that will fall under the compliance mechanism of the program. This decision will be made based on the recommendations provided by the Bureau.
The National Steering Committee for the Indian carbon market and other authorities shall develop a detailed procedure for operationalizing the Indian carbon market.
The Bureau, with the approval of the Central Government, has the authority to issue directions and orders to the registered entities as deemed necessary for the successful implementation of the program.
The government is <a href="https://www.mercomindia.com/india-seek-eus-nod-carbon-certificates-new-import-norms" target="_blank" rel="noopener">planning</a> to seek validation of its proposed carbon certificates from the European Union, which will enforce a carbon tariff on imports and the exemption for some micro, medium, and small enterprises.

Ministry of Power Notifies Carbon Credit Trading Program

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					</table>Carbon credits and sustainability solutions firm EKI Energy Services (<a href="https://enkingint.org/" target="_blank" rel="noopener">EKI</a>) has launched a ₹10 billion (~$121 million) Climate Impact Fund in partnership with Impact Capital Asset Management (ICAM). The fund will be used to develop climate change mitigation projects focusing on community development across remote locations in India.
EKI will invest up to ₹2 billion (~$24.29 million) in a phased manner to empower greenhouse gas mitigation projects across the country. ICAM will raise the balance corpus from institutional investors and manage the fund. The fund will be incorporated as a variable capital company in Singapore, with a nominal capital held by EKI and ICAM in the ratio of 51:49.
The fund will focus on high-impact community development projects such as clean cooking through the large-scale deployment of improved cook stoves, access to clean drinking water through water filtration systems, and energy-saving lighting solutions like LED bulbs and waste management.
&#8220;The world is fast striding towards a net-zero future. We, as climate warriors, want to empower this journey with focused investments in climate projects globally. We also want to strengthen our focus on community development. We are delighted to take a significant and concrete step toward ensuring increased climate mitigation in India and other parts of the world. We promise to continue developing projects that address larger community issues while enabling nature restoration,&#8221; said Manish Dabkara, Chairman &amp; MD, EKI.
The initiative is expected to enhance EKI&#8217;s global reach. The projects would generate carbon credits for its investors by delivering emission reductions, which the investors can use to offset their carbon emissions or earn monetary benefits by selling the carbon credits. The projects that will receive the funding will be deployed across remote locations in India and select countries in Africa, Asia, and Latin America.
EKI was part of an alliance of cleantech companies that <a href="https://mercomindia.com/daily-news-wrap-up-cleantech-alliance-transform-carbon-market/" target="_blank" rel="noopener">formed</a> the Carbon Association of India, a strategic alliance to transform India&#8217;s carbon market. The alliance aims to take climate-centric initiatives to empower India&#8217;s journey to a net-zero economy and achieve the climate goals per the Paris Climate Accord and India&#8217;s commitment at COP26.
In August, Power Minister R.K. Singh <a href="https://mercomindia.com/bill-enable-trade-carbon-credits-in-lok-sabha/" target="_blank" rel="noopener">introduced</a> a Bill to amend the Energy Conservation Act to enable India&#8217;s carbon credit trading market. The Bill made it mandatory for buildings with a connected load of 100 kW to meet their energy requirements from renewable energy sources. The proposed legislation has provisions for issuing carbon credit certificates and provides a framework for carbon credits trading.

Carbon Credits Firm EKI Energy Launches ₹10 Billion Climate Impact Fund

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					</table>Here are some noteworthy cleantech announcements of the day from around the world:
The <a href="https://loksabha.nic.in/" target="_blank" rel="noopener">Lok Sabha</a> passed the Energy Conservation (Amendment) Bill 2022, which provides for establishing carbon credit markets in the country. The Bill also makes it mandatory for buildings with a connected load of 100 kW to meet their energy requirements from renewable energy sources. The legislation has provisions for issuing carbon credit certificates and provides a framework for carbon credits trading.
Shell Overseas Investment, a wholly owned subsidiary of Shell, <a href="https://www.shell.in/media/news-and-media-releases-2022/shell-completes-acquisition-of-renewables-platform-sprng-energy-group.html" target="_blank" rel="noopener">announced</a> the closure of its 100% acquisition of Solenergi Power and, with it, the Sprng Energy group of companies from Actis Solenergi. In April this year, the company <a href="https://mercomindia.com/shell-to-acquire-sprng-energy-group-for-1-55-billion/" target="_blank" rel="noopener">signed</a> an agreement to acquire Solenergi Power and Szprng Energy for $1.55 billion. The solar and wind assets Shell acquires through the deal are expected to triple Shell’s present renewable capacity in operation and help deliver its Powering Progress strategy.
Uttar Pradesh New and Renewable Energy Development Agency (<a href="http://upneda.org.in/" target="_blank" rel="noopener">UPNEDA</a>) announced the cancellation of the tender to select a solar power generator for setting up decentralized ground-mounted grid-connected solar power plants of 0.5 MW /1 MW/1.5 MW / 2 MW (AC) aggregating to a total 98 MW capacity. These plants were to be constructed on barren/uncultivable or agricultural land, pasturelands, and marshlands of farmers within 5 kilometers from DISCOMs’ 33/11 KV substations in Uttar Pradesh under Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM-KUSUM) program.
The European Commission <a href="https://ec.europa.eu/commission/presscorner/detail/en/IP_22_4865" target="_blank" rel="noopener">approved</a> a €149 million (~$152.55 million) Romanian program made available through the Recovery and Resilience Facility to support renewable hydrogen production. The measure aims to contribute to the development of renewable hydrogen in line with the objectives of the EU Hydrogen Strategy and the EU Green Deal. The program aims to support the construction of new installations for the production of renewable hydrogen, to achieve by December 31, 2025, renewable hydrogen production capacities of at least 100 MW in electrolysis installations producing at least 10,000 tons of hydrogen per year. The program will also contribute to the objectives of the REPowerEU Plan to reduce dependence on Russian fossil fuels and fast forward the green transition.
Global investment firm Carlyle and GIC and the green ammonia project development company Eneus Energy <a href="https://www.carlyle.com/media-room/news-release-archive/carlyle-and-gic-invest-in-green-ammonia-development-company-eneus-energy" target="_blank" rel="noopener">announced</a> Carlyle and GIC’s strategic investment in Eneus to support the development of a 14 GW+ pipeline. Eneus is amongst a small cohort of first movers for industrial-scale production plants in a global market for green ammonia and/or green hydrogen. Since its establishment in 2013, Eneus has developed significant expertise and industry connections to deliver viable green ammonia production sites. The committed capital will finance Eneus’s development of a portfolio of green ammonia projects globally. Eneus Energy was advised by A. Brown + Company and Wilson, Sonsini, Goodrich &amp; Rosati. Allen &amp; Overy and Ashurst advised Carlyle and GIC.

Daily News Wrap-Up: Lok Sabha Passes Bill to Establish Carbon Credit Trading Markets

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					</table>Power Minister R.K. Singh introduced a Bill to amend the Energy Conservation Act in the Lok Sabha to enable a carbon credit trading market in India.
The Bill also makes it mandatory for buildings with a connected load of 100 kW to meet their energy requirements from renewable energy sources.
The proposed legislation has provisions for issuing carbon credit certificates and provides a framework for carbon credits trading.
In the statement of objects and reasons, the Bill says there was a need to provide a legal framework for a carbon market to incentivize actions for emission reduction leading to increased investments in clean energy and energy efficiency areas by the private sector.
It also says that it was necessary to have legal provisions to prescribe minimum consumption of non-fossil energy sources as energy or feedstock by the designated consumers. This would help reduce fossil fuel-based energy consumption and resultant carbon emissions to the atmosphere.
Accordingly, the Bill seeks to mandate not just the use of renewable energy sources but also green hydrogen, green ammonia, biomass, and ethanol for energy and feedstock.
The Bill says the government may issue the energy savings certificate to the designated consumer whose energy consumption is less than the prescribed norms and standards per the prescribed procedure.
The designated consumer whose energy consumption exceeds the prescribed norms and standards will be entitled to purchase the energy savings certificate to comply with the prescribed norms and standards.
Several government agencies have issued consultancy tenders for trading carbon credits from rooftop solar projects. In July, the Madhya Pradesh Power Management Company <a href="https://beeindia.gov.in/" target="_blank" rel="noopener">invited</a> bids to appoint a consultant for validation, registration, issuance, and trading of carbon credits from rooftop solar projects
The law, enacted in 2001 and amended in 2010, established the <a href="https://beeindia.gov.in/" target="_blank" rel="noopener">Bureau of Energy Efficiency</a> (BEE). The Act specifies energy efficiency norms and standards for appliances, industrial equipment, and buildings with a connected load of 100 kW or a contractual demand of more than 15 kVA.
In 2020, the Ministry of Power <a href="https://beeindia.gov.in/" target="_blank" rel="noopener">issued</a> a notification bringing all distribution companies under the purview of the Energy Conservation Act to help reduce electricity losses and bring transparency.

Bill to Enable a Market to Trade Carbon Credits Introduced in the Lok Sabha

Several global companies have committed to supporting farmers in the United States through agricultural carbon credits.
<a href="https://www.indigoag.com/" target="_blank" rel="noopener noreferrer">Indigo Agriculture</a>, a U.S.-based agricultural technology company, announced that it had secured commitments from companies like <a href="https://www.jpmorganchase.com/" target="_blank" rel="noopener noreferrer">JPMorgan Chase</a>, <a href="https://www.ibm.com/in-en" target="_blank" rel="noopener noreferrer">IBM</a>, <a href="https://home.barclays/" target="_blank" rel="noopener noreferrer">Barclays</a>, Boston Consulting Group, Dogfish Head Craft Brewery, and New Belgium Brewing for creating financial incentives for farmers through carbon credits.
This represents a major milestone in the global effort to leverage agriculture as a climate solution by creating financial incentives for farming carbon to enhance agriculture. Carbon farming loosely refers to agricultural methods aimed at sequestering atmospheric carbon into the soil. This helps increase soil&#8217;s carbon content and can aid plant growth, increase soil organic matter, improve soil water retention, among other benefits. These global companies have committed to buying carbon credits at $20/ton of carbon dioxide equivalent abated in the 2020 growing season.
&#8220;Every pound of green in a field comes from about a pound of carbon dioxide that plants pulled out of the sky. By farming in ways that store this carbon in the soil, growers have the potential to add a new source of revenue, improve their land, and help our environment,&#8221; said Geoffrey von Maltzahn, co-founder and Chief Innovation Officer at Indigo Ag. &#8220;The support demonstrated by these leading brands is a testament to agriculture&#8217;s power as a technology to help our climate.&#8221;
To avoid the devastating effects of climate change, companies have started committing to net-zero carbon pledges and leveraging the private sector&#8217;s financing, technology, and innovation. Agriculture, often seen as a major contributor to climate change, is a critical and under-leveraged part of the climate solution.
&#8220;Indigo is committed to ensuring that farmers are equipped with tools and solutions they need to improve the economic and environmental resiliency of their operations. This comes through building demand for verified agricultural carbon credits, which present a new revenue stream for farmers, as well as providing innovative digital and microbial technologies to grow more sustainable food and fiber,&#8221; said Ron Hovsepian, Chief Executive Officer (CEO) of Indigo.
These participating companies are among the first to leverage verified agricultural carbon credits as a meaningful part of their sustainability strategies, many of which include commitments to becoming net zero. Representing leading brands across diverse sectors including financial services (Barclays, JPMorgan Chase), food and beverage (Dogfish Head Craft Brewery, New Belgium Brewing), technology (Givewith, IBM, Shopify), and professional services (Boston Consulting Group), the group demonstrates private sector momentum for immediate and measurable solutions to climate change.
Financial institutions like <a href="https://mercomindia.com/barclays-likely-stop-lending-projects-fossil-fuels/" target="_blank" rel="noopener noreferrer">Barclays</a> and <a href="https://mercomindia.com/jp-morgan-sustainability-stop-lending-coal-companies/" target="_blank" rel="noopener noreferrer">JPMorgan</a> have announced their plans to stop lending to polluting coal-fired projects.
&#8220;With input from leading farmers, scientists, environmental NGOs, and others, the methodologies from the Climate Action Reserve and Verra will lay the foundation for robust agricultural carbon financing,&#8221; said Ed Smith, Vice President of Indigo Carbon.

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