Cement, Energy and Environment

54 • Sectoral Scope and Methodologies: The CCTS framework, according to the Bureau of Energy Efficiency, will identify the sectoral scope and develop methodologies for calculating GHG emissions and generating carbon credits. This ensures that the CCTS is effectively implemented and that carbon credits represent real, measurable, and additional GHG emission reductions. • Penalties for Non-Compliance: Mining Companies that fail to meet their emission intensity targets and cannot purchase sufficient carbon credit may face penalties, which could include financial charges or other sanctions. • Deepening the Carbon Market: The CCTS can helpdeepen the Indiancarboncreditmarket by allowing non-obligated entities to voluntarily purchase carbon credits and by enabling Indian entities to register decarbonization projects and generate carbon credits. Mining companies can reduce their GHG emissions by adopting various strategies, including: • Energy Efficiency: Implementing energy- efficient technologies and processes, such as optimizing energy consumption in mining operations and using renewable energy sources. • Process Optimization: Utilizing digital tools like AI to optimize mining processes, reduce waste, and improve energy efficiency. • Waste Management: Minimizing waste generation and implementing waste management practices, such as recycling and reuse of waste mining. • Carbon Capture, Utilization, and Storage (CCUS): Implementing CCUS technologies to capture and store carbon dioxide emissions from mining operations. BENEFITS OF CCTS FOR LIMESTONE MINING: CCTS can help Limestone mining companies achieve their climate goals, reduce their carbon footprint, and potentially create new revenue streams by selling carbon credits. • IncentiveforEmissionReduction: CCTScreates a market-based incentive for companies to reduce their emissions. Companies that exceed their emission targets can purchase carbon credits from companies that have reduced their emissions below their targets, effectively incentivizing emission reductions. CCTS provides a strong financial incentive for mining companies to reduce their emissions and invest in clean technologies. • Flexibility andCost-Effectiveness: The carbon credit trading mechanism allows companies to find the most cost-effective way to meet their emission targets. • Sustainable Development: CCTS promotes sustainable development in the mining sector by encouraging the adoption of environmentally friendly practices. • Meeting Climate Commitments: By participating in CCTS, mining companies can contribute to India’s climate goals and align with the Paris Agreement. CHALLENGES IN IMPLEMENTING CCTS IN LIMESTONE MINING - India’s Carbon Credit Trading Scheme 2023: • Uneven Industry Readiness: Not all mining sites are equally equipped to meet these emission targets. Small and mid-sized mines & their respective companies may struggle to upgrade technology or shift to renewable energy, unlike major conglomerates. • Transparency and Verification: The credibility of the carbon credit system relies on robust Monitoring, Reporting, and Verification (MRV) protocols. We must think for blockchain-based or AI-powered verification systems to avoid fraudulent trading, similar to systems used by Verra and Gold Standard globally. • Policy Flexibility and Feedback Loops: The Ministry of Environment, Forest and Climate Change has invited public feedback on the policy. It remains to be seen whether the framework will evolve to accommodate emerging sectors like green hydrogen, EV manufacturing, and circular economy solutions. CONCLUSION: Industrial decarbonization in India is no longer a choice—it’s a strategic necessity. As India moves toward becoming a $5 trillion economy, its success must be low-carbon, inclusive, and resilient. By embracing clean technologies, enabling policies, and stakeholder collaboration, India can become a global leader in green industrialization. CCTS is a vital technology for reducing CO 2