IICA, CMAI sign MoU to strengthen carbon markets

In a bid to strengthen domestic carbon markets and advance decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and the 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 in the presence of Road, Transport & Highways Minister Nitin Gadkari.

He emphasized the pivotal role of biofuels and green hydrogen in shaping India’s economic and environmental future, an official press release said.

The IICA is an autonomous institution under the Ministry of Corporate Affairs. The CMAI is a leading not-for-profit industry group, driving India’s transition to a net-zero future by decarbonising hard-to-abate sectors, the release said, adding that the CMAI collaborates with key ministries like those of Environment, Power, and Renewable Energy, and NITI Aayog.

Gadkari emphasized the pivotal role of biofuels and green hydrogen in shaping India’s economic and environmental future, an official press release said. He shared pilot projects related to bio-bitumin, bio-aviation fuel, and bio-CNG. “Conversion of knowledge into wealth is the future and no material is waste,” he said.

Garima Dadhich, head, School of Business Environment, IICA, stated that the IICA Certificate Programme in Decarbonisation will be focused on creating a pool of corporations with advanced expertise to develop carbon offset mechanisms for climate mitigation, as well as integrate long-term strategy to decarbonise their operations.

Manish Dabkara, CMAI president, said that the MoU with the 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.