RS passes ‘futuristic’ Energy Conservation Bill to further regulate carbon emissions- UPSC Daily Important Topic | 16 December 2022

■  RS passes ‘futuristic’ Energy Conservation Bill to further regulate carbon emissions-

✅Parliament recently passed the Energy Conservation (Amendment) Bill-2022.

✅It enables the Union government to set up a carbon credit trading scheme and specify the minimum amount of non-fossil sources to be used by designated energy consumers.

● About the bill:

✅Amends the Energy Conservation Act-2001

✅Aim:

✅To cut emission intensity by 45%

✅To achieve 50% of the installed capacity of electricity generation from non-fossil fuel sources.

✅On carbon credit trading: Central Electricity Regulatory Commission (CERC) would be the regulator and that the carbon price would be determined by the market.

✅Covers large buildings:  those with a connected load of 100 kilowatt and above.