Synopsis
On February 5, the IICA and CMAI signed an MoU to enhance carbon markets and promote decarbonisation in India. This partnership includes training programs, joint research, and policy advocacy aimed at bolstering India's low-carbon economy.Key Takeaways
- MoU between IICA and CMAI to enhance carbon markets.
- Training programs and joint research to support sustainable finance.
- Focus on low-carbon industrial solutions and carbon trading.
- Government commitment to biofuels and green hydrogen.
- Participation from over 70 professionals in the Masterclass.
New Delhi, Feb 5 (NationPress) The Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) have entered into a Memorandum of Understanding (MoU) aimed at enhancing carbon markets and promoting decarbonisation initiatives in India, as per an official release on Wednesday.
By leveraging the CMAI’s industry insights alongside the IICA’s institutional capabilities, this partnership seeks to create significant learning avenues that will expedite India’s shift towards a low-carbon economy.
According to the agreement, CMAI and IICA will work together on training initiatives, collaborative research, conferences, and policy advocacy regarding carbon markets, low-carbon industrial practices, and sustainable finance, as detailed in the statement.
This agreement encompasses the development and delivery of courses on carbon markets, low-carbon industrial practices, and sustainable finance. It will enable joint research to produce studies and publish findings on decarbonisation tactics and carbon trading systems. The MoU aims to foster discussions among industry stakeholders, policymakers, and academics, thereby aiding in the creation of regulatory and policy frameworks that will propel India’s net-zero goals.
This landmark agreement was revealed on the first day of the IICA-CMAI Masterclass on Global & Indian Carbon Markets, with the presence of Union Road, Transport & Highways Minister Nitin Gadkari.
During his speech, Gadkari highlighted the crucial role of biofuels and green hydrogen in shaping India’s economic and environmental trajectory.
He shared updates on pilot projects related to Bio Bitumin, Bio Aviation-fuel, and Bio CNG, asserting that "Converting knowledge into wealth is the future and no material is waste".
Stressing the significance of public-private partnerships (PPP), he asserted: "Hydrogen is the fuel of the future".
The Minister expressed his vision of reducing the cost of hydrogen to $1 per kg and expressed confidence that India would lead in achieving this milestone, supported by its advanced research and development efforts in this domain.
While pointing out significant initiatives for developing biofuels and alternative fuels, he acknowledged that although the initial costs of capital and technology are high, extensive research is ongoing which will ultimately unlock and realize its full potential.
Gadkari further emphasized the government's dedication to cultivating a diverse biofuels sector, recognizing the immense potential of various fuels to foster a cleaner, more sustainable energy environment that will position India as a Green Hydrogen exporting nation soon.
He congratulated the organization for launching the Sustainable Aviation Fuel (SAF) Alliance and the capacity-building measures in this sector.
The head of IICA's School of Business Environment, Garima Dadhich, mentioned that the IICA Certificate Programme in Decarbonisation will focus on forming a group of corporates with advanced knowledge to create carbon offset mechanisms for climate mitigation and integrate long-term strategies to decarbonise their operations.
CMAI President Manish Dabkara noted that the MoU with IICA signifies a major advancement towards establishing a strong ecosystem for carbon markets in India. He stated that training programs, research opportunities, workshops, and conferences are essential for propelling sustainable business initiatives. CMAI anticipates a fruitful collaboration in this field.
CMAI Secretary General Rohit Kumar mentioned that raising awareness has been a significant challenge in this sector. This strategic partnership aims to provide industry professionals, policymakers, and academics with the essential knowledge and skills to navigate India’s evolving carbon markets.
CMAI, a prominent industry association committed to promoting sustainable business initiatives, will act as the knowledge partner to IICA, a think tank under the Ministry of Corporate Affairs, to facilitate the growth and development of the corporate sector in India.
Day 1 of the Masterclass on Global and Indian Carbon Markets saw participation from over 70 professionals representing leading corporates, PSUs, and delegations from governmental bodies, embassies, and international organizations, as stated.
