The emission trading scheme (ETS) formulation is in the last stage and is likely to be notified by June. 

ETS will set the standards of energy efficiency for industries. The industries that will be covered under it will be notified. 

These notified industries will have set targets for energy efficiency according to emission intensity (i.e they can increase emissions if they produce more). 

The companies that overachieve their target will get certificates, which they can use as credit or can trade with other companies which failed to meet their target. 

Bureau of Energy Efficiency is going to be the nodal coordinator for the scheme.