New Delhi, Feb 5 (IANS): The Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) have signed a Memorandum of Understanding (MoU) for strengthening carbon markets and advancing decarbonisation efforts in India, according to an official statement issued on Wednesday.
By combining the CMAI’s industry expertise with the 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.
Under the agreement, the CMAI and the IICA will collaborate on training programmes, joint research, conferences and policy advocacy on carbon markets, low-carbon industrial solutions, and sustainable finance, the statement explained.
The agreement provides for developing and delivering courses on carbon markets, low-carbon industrial solutions, and sustainable finance. It will enable the carrying out of joint research for studies and publishing insights on decarbonisation strategies and carbon trading mechanisms. The MoU will facilitate dialogue among industry stakeholders, policymakers, and academics which will also help to support regulatory and policy frameworks that drive India’s net zero ambitions.
The landmark agreement was announced on the inaugural day of the IICA-CMAI Masterclass on Global & Indian Carbon Markets in the presence of Union Road, Transport & Highways Minister Nitin Gadkari.
In his address on the occasion, Gadkari emphasised the pivotal role of biofuels and green hydrogen in shaping India’s economic and environmental future.
He shared details of pilot projects related to Bio Bitumin, Bio Aviation-fuel, and Bio CNG, and highlighted that "Conversion of Knowledge into wealth is the future and No Material is waste".
Emphasising the importance of public-private partnership (PPP, he said: "Hydrogen is fuel for the future".
The Minister also shared his vision for the cost of hydrogen coming down to $1 per kg. He expressed confidence that India would be the pioneering nation to achieve this feat, backed by its state-of-the-art research and development initiatives in this field.
While citing landmark initiatives being undertaken for the development of biofuels and alternative fuels, he also mentioned that though the initial cost of capital and technology seems high, significant research is currently underway which will eventually unleash as well as lead to the realisation of its true potential.
Gadkari 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 which would enable India to become a Green Hydrogen exporting country soon.
He congratulated the organisation for launching the Sustainable Aviation Fuel (SAF) Alliance and the capacity-building initiatives in this domain.
IICA's School of Business Environment head Garima Dadhich 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.
CMAI President Manish Dabkara 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, he said.
CMAI Secretary General Rohit Kumar remarked that awareness has been a major challenge in this area. 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.
Day 1 of the Masterclass on Global and Indian Carbon Markets witnessed the participation of more than 70 professionals from leading corporates, PSUs as well as delegations from governmental bodies, embassies and international organisations, the statement added.