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Lok Sabha clears Bill to speed up ‘green transition’ | India News
NEW DELHI: Lok Sabha on Monday passed the Energy Conservation (Amendment) Bill, 2022, which aims to accelerate the green transition by giving the government the power to regulate energy consumption, making it mandatory for industries to use use non-fossil fuels and set efficiency standards for vehicles, ships and equipment as part of India’s climate action architecture.
powerful minister RK Singh described it as “a bill for the future.” Amended Invoice Energy Saving Act 2001 and empowered the Center to designate a business plan for carbon credits – a tradable license to generate a specific carbon footprint.
Under the bill, the Center could order ‘designated consumers’ to meet minimum energy consumption from non-fossil sources. For carbon trading, the Center or any authorized body may issue carbon credits to organizations that are registered and compliant with the scheme.
powerful minister RK Singh described it as “a bill for the future.” Amended Invoice Energy Saving Act 2001 and empowered the Center to designate a business plan for carbon credits – a tradable license to generate a specific carbon footprint.
Under the bill, the Center could order ‘designated consumers’ to meet minimum energy consumption from non-fossil sources. For carbon trading, the Center or any authorized body may issue carbon credits to organizations that are registered and compliant with the scheme.