In a first-of-its-kind development in the country, eminent stakeholders from the realm of climate change in India, today announced that they have joined hands with Carbon Markets Association of India to form a strategic industry alliance. Established with an aim to transform the country’s carbon market and spearhead the evolution of the domestic market, the association will empower India’s journey to become net-zero through climate positive initiatives.
Established at an opportune time as the market gears up for a revolution with the Energy Conservation Act 2022 likely to come into effect soon, the association will work across sectors to bring together an entire ecosystem that focuses on India’s net-zero growth. With climate change as its core focus, the association will also support the development of innovative interventions for climate action.
The association has brought together the industry best experts from the realm of climate change in India under a single platform. Its eminent members include Ayana Renewable Power, ACME Solar, Azure Power, EKI Energy Services Ltd., Macquarie Group, MPCON Ltd. (from Govt. sector), IB Vogt Solar India, Hero Future Energies, Gangadhar Narsinghdas Agrawal, Virescent Renewable Energy Trust, GNA Axles, Adani Greens, Sekura Energy, Virescent Infra (KKR), Torrent Power and DOE (designated operational entities) such as – KBS and VKU Certifications.
Started with select members to begin with, the association will add more members in the next few weeks. Companies eligible to join the association as members include investors or climate project owners and third party inspection companies that have a minimum investment of INR 100 crores in their respective organization/project. Mr. Manish Dabkara, CMD & CEO, EKI Energy Services Ltd. will be President of the association.
Representing the association and all its members, Mr. Manish Dabkara, President – Carbon Markets Association of India, said “A robust carbon credit market is the most strategic mechanism that can enable the country’s transition to become carbon neutral and march onwards to net-zero by 2070 as envisioned and committed at COP26 by our PM Shri Narendra Modi. The domestic market that is formed in unison and close consultation with relevant industry stakeholders can tremendously accelerate the country’s transition to become carbon neutral. The association has thus been formed with this at its core DNA, bringing together some of the best minds for advocacy and capacity building”.
He added, “The recent clarification by Shri R.K Singh – Minister of Power and New & Renewable Energy, Govt. of India that the surplus carbon credits from the country will continue to be exported worldwide is a phenomenal development at the opportune time of the association’s launch. India’s carbon market is headed for a new success story and the association will add further impetus to this growth of the market”.
Registered under Section 8 on March 29, 2022 the association aims to work as a mediator between the industry and Govt. bodies for drawing up recommendations on policy guidelines related to Article 6.2, Article 6.4 and the National ETS. The association will help harness the full potentials and deep learning from International Voluntary Carbon Markets for the domestic ETS. The association will play a key role in enabling this development of India’s credit market as it brings together all the key industry stakeholders of the country’s climate revolution – starting from the farmers in the remotest villages to the Central and State Govts., to municipal corporations, to the public and private sector companies and all associated establishments working towards enabling climate action in India.
The export of carbon credits from India to International markets under the Voluntary market scheme, ensures a strong influx of climate finance to India which the country can add back for carbon reduction projects and interventions. The association will help further accelerate this journey as it brings together all the industry stakeholders to establish a dynamic carbon market, facilitating more trade of carbon credits which would imply increased carbon neutral growth and the attainment of NDC goals.