In a major step toward strengthening India’s carbon markets and advancing decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) formalized their collaboration through a Memorandum of Understanding (MoU) in New Delhi. The agreement was announced during the IICA-CMAI Masterclass on Global & Indian Carbon Markets, held as part of India Climate Week. The event was attended by key government officials, including the Union Minister for Road, Transport & Highways, who emphasized the importance of biofuels and green hydrogen in shaping India’s economic and environmental future.

The minister highlighted several pilot projects, such as Bio Bitumen, Bio Aviation-fuel, and Bio CNG, and stressed the significance of public-private partnerships (PPP) in advancing these initiatives. The focus remains on reducing the cost of hydrogen to $1 per kilogram, positioning India as a leader in this domain. Acknowledging the high initial costs of capital and technology in biofuels, on-going research is expected to unlock their full potential. The government is committed to fostering a diversified biofuels sector, with aspirations for India to emerge as a key exporter of Green Hydrogen. The event also marked the launch of the Sustainable Aviation Fuel (SAF) Alliance, reinforcing efforts toward capacity building in the sector.

The IICA Certificate Programme in Decarbonisation was introduced to develop corporate professionals with expertise in carbon offset mechanisms and long-term decarbonisation strategies. The initiative aims to build a skilled workforce capable of integrating sustainability into corporate operations. CMAI emphasized the role of training programs, research opportunities, and industry workshops in strengthening India’s carbon market ecosystem.

The partnership between IICA and CMAI is set to provide industry professionals, policymakers, and academicians with the necessary knowledge to navigate the evolving carbon markets. As a knowledge partner, CMAI will leverage its industry expertise, while IICA, under the Ministry of Corporate Affairs, will contribute its institutional strength to facilitate sustainable business practices.

The Masterclass on Global & Indian Carbon Markets saw participation from over 70 professionals, including representatives from leading corporates, public sector undertakings (PSUs), government bodies, embassies, and international organizations. Discussions, case studies, and expert-led sessions enriched the engagement, with further insights expected from sessions on international carbon markets. This collaboration is a crucial step in aligning India’s sustainability goals with global climate commitments, reinforcing the nation’s commitment to a low-carbon future.

News source: Solar Quarter