No ban on India for export of surplus carbon credits, confirms EKI Energy

10 Oct 2022 , 02:47 PM

EKI Energy Services Ltd., a global leader in the development and supply of carbon credits, reiterated today that India will not face any restrictions on the export of surplus carbon credits. The declaration follows a clarification by the country’s Minister of Power and New and Renewable Energy, Shri RK Singh.

The export of carbon credits from India to international markets assures a significant infusion of climate financing to India, which is utilised for climate action activities around the country for carbon reduction projects and interventions, said the company on Monday.

This, along with all of the other amendments proposed to the EC Act 2022, are expected to be finalised by the Rajya Sabha [Upper House of Indian Parliament] and the President of India by the end of this year. This will allow India to move faster toward its goal of becoming net zero by 2070, as committed at COP26.

Speaking to the media on the margins of the International Solar Alliance’s Fifth Assembly, the Minister stated, “We are not aiming to abolish carbon credits. The embargo will only apply to the extent necessary for our own NDCs (Nationally Determined Contributions).”

“The carbon credits that go into our own NDCs, we would want to preserve for ourselves, and anything beyond that may be sold anyplace in the world,” he continued.

The development confirms the explanation made by EKI Energy Services in August 2022, indicating that there will be no limitations on the selling of carbon credits earned in India to international voluntary markets. In terms of Article 6 carbon credits, additional clarification is expected following the COP27 summit next month.

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