"It is at the discussion stage. These are fuel economy norms and the idea is to manufacture energy efficient cars so that they don't have to modify as per the emission norms. This would cover all fuel sources and there will be a provision for e-vehicles as well," Bakre said.
This would be one of the vital initiatives by BEE for introducing energy efficiency in a large industry. BEE had in 2013 also launched tradable certificates for industries that achieved energy efficiency standards.
The 'Perform, Achieve and Trade' (PAT) scheme aimed at major sectors such as the thermal power generation, cement, fertilisers, aluminium, iron & steel and pulp & paper. industries These sectors account for around 65 per cent of the overall industrial consumption of electricity in the country.
These industries were given targets for reducing energy consumption. Overachievement by a certain commercial unit is converted into tradable 'Energy Savings Certificate' (ESCerts) at the end of the targeted year that can be sold to those entities that couldn't achieve their targets.
"The scheme has resulted in energy savings of around 8.67 million tonnes of oil equivalent (Mtoe), about 30 per cent more than the set target. This has also resulted in an emission reduction of 31million tonnes of CO2. At the same time, around Rs 9,500 crore has been saved due to the reduction in energy consumption," said Bakre.
In February this year, BEE received the regulatory nod to trade these energy certificates. This will pave way for designated industries, under the PAT scheme, to buy and sale ESCerts at the two energy exchanges- the Indian Energy Exchange (IEX) and the Power Exchange IndiaLimited (PXIL), said the bureau during the launch on Tuesday.
Bakre said initiation of trading of ESCerts will enable the designated consumers to reap benefits of the monetisation of energy saving initiatives.