Analyse the role of Carbon Credit Trading Scheme (CCTS) 2023. Examine its key features of the Carbon Credit Trading Scheme (CCTS) 2023. Analyse its potential for mitigating greenhouse gas emissions in India.

Carbon Credit Trading Scheme CCTS 2023 in line with Paris Agreement 2015 deals trading of carbon credits to offset excess carbon emissions. Key features of CCTS 2023 → Emission certificates can be marketable → excess emitters can offset by purchasing emission certificates. → Mandatory limit of fossil fuel usage and use of renewables. → Sector specific carbon emission limits. Potential to mitigating greenhouse gas emissions → Polluter's pay principle - need to purchase certificates for excess emission. → Replacing harmful technologies with environment-wise must and facilitator of renewable integration. → Will help achievement of India's NDCs and Panchamrit targets (2030 carbon intensity (2030) → Reducing carbon intensity of GDP by 45% (2030) → 1 billion reduction in projected emissions. Challenges (1) pay and pollute attitude. (2) Not the right approach, need sustainable solutions (Natural based solutions) Way forward (1) Mission LIFE and lifestyle change. (2) Small scale supply chain (small is beautiful sustainable development requires holistic solution.

— Komal Punia