Recent change in rules that are likely to increase critical mineral mining, Minister says

Bhupender Yadav, the Union Minister of Environment, Forest and Climate Change, said on Tuesday that recent changes to rules will facilitate the approval process for the exploitation of critical minerals in forest areas for both the public and the private sector. On an occasion in New Delhi, Yadav said that on August 31, the ministry changed the rules of the forest (conservation and supplement), 2023 to facilitate the objectives of the achievement of confidence in the critical mineral sector among the new-found national critical mineral mission. security. “The amended rules facilitate the approval process for exploiting these minerals in forest areas for public and private entities,” the minister said. IMPORTANT NOTICE The decision is part of a series of important notices that the ministry has issued over the past few days to increase sustainability, the minister added. In the midst of the growing requirement of critical minerals in sectors and volatile supply chains, India has sought to increase the domestic mining of these minerals, along with the acquisition of assets in mineral -rich countries. In 2023, the center came up with a list of minerals that are critical to the Indian economy, including lithium, antimon, berry, bismut, cobalt, copper, gallium and cadmium. The government also recently amended the Mines and Minerals Act (Development and Regulation), 1957, to do the comfort of business and encourage participation in the private sector. In January, the Union Cabinet approved the very expected ‘national critical mineral mission’ to build a resilient value chain for critical mineral with a layout of £ 34,300 over seven years. These minerals are used in different strategic sectors, including defense, green energy, telecommunications, information technology, pharmaceutical and medical devices. Revised methodology Yadav also informed that the ministry had notified the revised methodology for the Green Credit program on August 29 to encourage voluntary environmental action. The program has now been reinforced with provisions that enable direct participation through private entities, establish minimum recovery obligations, mobilize private capital for climate action and make use of earnings green credits. The revised methodology ensures that the Green Credit program becomes a catalyst for meaningful eco-destination, the minister added. As the center plans to launch India’s own carbon market by next 2026, India is also working with other major economies on this front to achieve its ambitious netbugs. India intends to reach net zero carbon release by 2070. Last week, during Prime Minister Narendra Modi’s visit to Japan, both countries agreed to set up a joint credit mechanism for carbon markets to achieve energy transition and various netbirths.