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Shares of EKI Energy plunged over 15 percent on Wednesday after the Lok Sabha on August 8 passed the Energy Conservation (Amendment) Bill to establish the carbon credit market in India.

During a debate on the energy conservation law in the Lok Sabha, Power and New and Renewable Energy Minister RK Singh said there would be no exports of carbon credits until India’s commitment to the reduction of 45 percent emission intensity of gross domestic product (GDP) is met.

At 1:27 pm, shares of EKI Energy were trading at Rs 1,798, sharply declining by 15.1 percent from its previous close on the BSE.

India is the fourth country to have announced or planned bans on the sale of carbon credits in recent months after Papua New Guinea, Indonesia, and Uruguay.

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According to the statement of objects and reasons, the Energy Conservation (Amendment) Bill mandates using non-fossil sources, including green hydrogen, green ammonia, biomass, and ethanol.

The government amended the Energy Conservation Act of 2001, to establish carbon markets, enhance the scope of the Energy Conservation Building Code, modify penalty provisions, and increase the number of Bureau of Energy Efficiency members on its governing council.

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India is looking to cut 1 billion tonnes of emissions by 2030 and become carbon-neutral by 2070.

EKI Energy works in the realm of “climate change, carbon credit and sustainability solutions” across the globe. The company provides strategic solutions for helping businesses and organisations to achieve their climate ambition. Their objective is to rehabilitate the Earth to a low carbon and climate resilient global economy.

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First Published:Aug 10, 2022 2:31 PM IST