Consider the following statements regarding carbon markets in India: 1. Carbon credits can be generated by afforestation and renewable energy projects. 2. India has launched a domestic voluntary carbon market. 3. Carbon markets are monitored under the Income Tax Act, 1961.
Only 1 and 2 are correct
Examine each statement.
Statement 1: Both afforestation/reforestation and renewable energy projects are recognised activity types under voluntary carbon-credit standards as well as under India's Carbon Credit Trading Scheme (CCTS) offset mechanism. ✓
Statement 2: India has launched a domestic carbon market through the Carbon Credit Trading Scheme (CCTS), 2023, which includes a compliance mechanism for obligated industrial sectors and an offset (voluntary) mechanism for non-obligated entities. ✓
Statement 3: The Indian carbon market is governed by the Energy Conservation Act, 2001 (as amended in 2022), with the Bureau of Energy Efficiency as administrator under the Ministry of Power — not by the Income Tax Act, 1961. ✗
Hence only statements 1 and 2 are correct.
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Important Questions from Environment Policies Acts and Conventions
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