BHUPENDER YADAV, Minister of Trade Union, Forest and Climate Change, said on Tuesday that recent changes in the rules would simplify the process of approval of critical mineral mining in forest areas for both public and private sector entities.
Yadav said at the event in Nový Delhi that 31.
According to this mission, 24 minerals were identified as critical and strategic and 29 others were recognized as important for strengthening the country’s economy and national security. “The amended rules simplify the process of approval for mining of these minerals in forest areas for public and private entities,” the minister said.
Notification
The decision is part of a number of key announcements issued by the Ministry in the last few days to increase sustainability, added the minister.
In the middle of the growing requirement of critical minerals across sectors and volatile supply chains, India seeks to increase the domestic mining of these minerals along with the acquisition of assets in minerals rich. In 2023, the center came up with a list of minerals that are critical to the Indian economy, including lithium, antimone, berylia, bismuth, cobalt, copper, gallia and cadmia.
The government has also recently changed the 1957 miners and minerals (development and regulation) law to increase the ease of business and support the participation of the private sector. In January, the Union Cabinet approved a highly anticipated “national critical mineral mission” to build a resistant value chain for critical mineral with expenditure £34 300 crore over seven years. These minerals are used in several strategic sectors, including defense, green energy, telecommunications, information technology, pharmaceutical and medical appliances.
Revised methodology
Yadav also reported that the Ministry announced the revised methodology of the Green Credit program on 29 August to encourage voluntary environmental actions. The program has now been strengthened by provisions that allow the direct participation of private entities, create minimal renewal obligations, mobilize private capital for climate action and use the green credits. Revised methodology ensures that the Green Credit program becomes a catalyst for a meaningful environmental replacement, added the Minister.
Since the Center plans to launch the Indian carbon market until next 2026, India also cooperates with other main economies on this front to achieve its ambitious net zero goals. The aim of India is to achieve net zero carbon emissions by 2070. Last week, during the visit of Prime Minister Narendra Modi in Japan, both countries agreed to create a common credit mechanism for carbon markets to achieve energy transition and appropriate net goals.
(Tagstotranslate) carbon market
