In a significant step towards strengthening India's carbon markets and advancing decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and Carbon Market Association of India (CMAI) have signed a Memorandum of Understanding (MoU) in New Delhi.
The landmark agreement was announced on the inaugural day of the IICA-CMAI Masterclass on Global & Indian Carbon Markets on 4th February, graced by Shri Nitin Gadkari, Minister for Road, Transport & Highways, Government of India, who emphasized the pivotal role of biofuels and green hydrogen in shaping India’s economic and environmental future.
He shared pilot projects related to Bio Bitumin, Bio Aviation-fuel, Bio CNG and highlighted that “Conversion of Knowledge into wealth is the future and No Material is waste”. While emphasizing the importance of PPP, he shared that “Hydrogen is fuel for the future”.
The Minister also shared his vision for the cost of hydrogen to be 1 dollar per kg, which he is confident India will be the pioneering nation to achieve due to its state-of-the-art research and development initiatives in this field.
While citing landmark initiatives being undertaken related to the biofuels and alternative fuels, he also mentioned that though the initial cost of capital and technology seems high but significant research is currently underway which will eventually unleash as well as lead to the realisation of its true potential.
He further highlighted the government’s commitment to developing a diversified biofuels sector, acknowledging the vast potential of various fuels to create a cleaner, more sustainable energy landscape and soon India will become a Green Hydrogen exporting country.
At the end, he congratulated the organisation for launching the Sustainable Aviation Fuel (SAF) Alliance and the capacity building initiatives in this domain. Dr. Garima Dadhich, Head, School of Business Environment, IICA, stated that the IICA Certificate Programme in Decarbonisation will be focused on creating a pool of corporates with advanced expertise to develop carbon offset mechanisms for climate mitigation, as well as integrate long-term strategy to decarbonise their operations.
Mr Manish Dabkara, President, CMAI remarked that the MoU with IICA marks a significant step towards building a robust ecosystem for carbon markets in India. Training programs, research opportunities, workshops, and conferences are a huge part of accelerating sustainable business initiatives.
CMAI is looking forward to a successful partnership in this area. Mr. Rohit Kumar, Secretary General, CMAI remarked that awareness has been a major challenge in this area. By combining CMAI’s industry expertise with IICA’s institutional strength, the collaboration will aim to create impactful learning opportunities that will help accelerate India’s transition to a low-carbon economy.
This strategic partnership aims to equip industry professionals, policymakers and academicians with the necessary knowledge and expertise to navigate India’s evolving carbon markets. CMAI, a leading industry association focused on accelerating sustainable business initiatives, will serve as the knowledge partner to IICA, a think tank under the Ministry of Corporate Affairs, to support the growth and development of the corporate sector in India.
Under the agreement, CMAI and IICA will collaborate on:
Training Programmes: Developing and delivering courses on carbon markets, low-carbon industrial solutions, and sustainable finance.
Joint Research: Conducting studies and publishing insights on decarbonisation strategies and carbon trading mechanisms.
Workshops and Conferences: Organising events to facilitate dialogue among industry stakeholders, policymakers, and academics.
Policy Advocacy: Supporting regulatory and policy frameworks that drive India’s net zero ambitions.
The Day 1 of the Masterclass witnessed the participation of more than 70 professionals from leading corporates, PSUs as well as delegations from governmental bodies, embassies and international organisations.
The Masterclass on Global and Indian Carbon Markets is being organised by IICA as part of the India Climate Week. Ms. Shivangi Vashishta, Senior Research Associate, School of Business Environment, IICA, led a case-study based discussion which led to enhanced delegate engagement.
The Day 1 of the Masterclass concluded with an insightful session from Managing Partner, ERM India. The Day 2 of the Masterclass will witness a series of sessions on International Carbon Markets.
About Indian Institute of Corporate Affairs (IICA):
The Indian Institute of Corporate Affairs (IICA), is an autonomous institution under the aegis of the Ministry of Corporate Affairs. School of Business Environment (SBE) is a specialised vertical within IICA promoting the responsible business conduct focusing on the forward-looking areas of Environmental-Social-Governance (ESG), Corporate Social Responsibility (CSR), Sustainable Finance, Business & Biodiversity Conservation, Business and Human Rights, Responsible Trade, ESG Audit & Assurance and other aligned areas.
Contact: https://iica.nic.in/, [email protected] or 0124-2640044
About Carbon Market Association of India (CMAI):
The Carbon Markets Association of India (CMAI) is a leading not-for-profit industry group driving India’s transition to a net-zero future by decarbonising hard-to-abate sectors. Collaborating with key ministries like MoEFCC, MoP, MNRE, and NITI Aayog, CMAI provides policy advocacy, capacity building, and knowledge support.
Contact: https://cma-india.in/, [email protected] or +91 98117 79580