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We Are A Market Leader With Our Differentiated Offerings And One-stop Destination For All Things Related To Carbon Markets That Enable Significant Carbon Offset: Manish Dabkara, Chairman & MD, EKI Energy Services Ltd.

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Manish Dabkara - Chairman & MD, EKI Energy Services Ltd.

Reading Time: 9 minutes

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Conversation Highlights:

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  • We announced a host of strategic plans in preparation for COP27 and this included our commitment to become a net-zero company by 2030 in addition to defining a target to mobilize up to 1 billion offsets within the next 5 years (by 2027).
  • India has a long way to go to establish concrete steps for climate action and sustainability. The growth of the carbon market can enable greater emission offset in the country.
  • he increased focus of the Govt. to establish a well-structured National ETS is expected to enable the market to flourish further.

According to you, what are the important factors that need to come together to deliver a successful COP27?

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A successful COP27 will ensure that all aspects of climate change initiatives are progressively discussed and agreed upon, which will increase the focus to bring together the entire world as one team to rehabilitate the planet. The meeting has been the best platform for the launch of imperative measures for successful climate projects.

On the carbon market front, this year has been a step up from last year. There have been many carbon market-centric announcements like the US lead ‘ETA’. The progressive detailing of implementation modalities of the Paris Agreement, especially Article 6, is expected to further internalize the measures towards social and economic improvements along with climate action; and make environmental and social attributes a part of regular business decision-making, which was lacking inherently from the earlier developmental model.

We geared up our journey to COP 27 starting in April of this year as we imbibed a new brand identity that focuses on our vision to steer the planet to a net-zero future. We also announced a host of strategic plans in preparation for COP27 and this included our commitment to become a net-zero company by 2030 in addition to defining a target to mobilize up to 1 billion offsets within the next 5 years (by 2027).

What are the main priorities and challenges you perceive in India with respect to climate action?

As climate action continues to witness increasing attention globally, and countries worldwide come together for climate action, a carbon credit is witnessing increased demand and as a popular offset mechanism. This growth can be seen in India as well.

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India’s pledge to achieve net-zero emissions by 2070 has also provided an impetus to significant climate action within the country and the momentum is now set to accelerate further as more and more businesses and organizations become active in cutting emissions using offsets.

The topic of climate change has been gaining momentum in India, with major corporates actively considering the environmental impact while doing business. The creation of a robust carbon credit market in India would imply an increased demand for credits amongst India Inc. The renewed focus on controlling GHG emissions and moving towards carbon neutrality, with specific milestones/ targets is expected to encourage increased private sector participation in combating climate change. These commitments of India Inc towards carbon neutrality would drive the demand for voluntary carbon credits in India in the years to come. The annual demand for voluntary carbon credit in India is expected to touch 500+ million units by 2030.

According to you, what are the major steps that India needs to take in the next five to eight years toward sustainability?

India has a long way to go to establish concrete steps for climate action and sustainability. The growth of the carbon market can enable greater emission offset in the country. Govt. has been instrumental in the growth of the market in India. The Bureau of Energy Efficiency (BEE), which is a part of the Power Ministry in India, is developing a new cap & trade mechanism that has the potential to get converted into a mandatory program soon in India as well. The increased focus of the Govt. to establish a well-structured National ETS is expected to enable the market to flourish further.

Govt. can implement some important measures to establish a transparent and vibrant carbon market, which will help provide an indexing facility that can be leveraged for green/ carbon finance instruments, facilitating India’s carbon-neutral growth path and helping in attaining its NDC goal.

  • A national legislation by Parliament to pave the path for the formation of requisite market systems and legitimization of the National Carbon Registry & National Carbon Market to meet the country’s commitments under Nationally Determined Contribution (NDC). Respective line ministries, which may include MOEFCC, MoP, MoF, Ministry of Commerce and Industry, etc, to effectively form the national policy for the formation of the National carbon market.
  • Regulation to be brought in on an urgent basis to formulate the rules for the operation of a such carbon market. The market should be effectively sunk with the National Carbon Registry & international Centralized Accounting & Reporting Platform (CARP) of UNFCCC
  • Effective level playing field to support private sector participation in the origination of carbon emission reductions (projects) and country endorsement to participate in International Voluntary Carbon trading, bringing the requisite FDIs in India to fun quick adoption of novel carbon-neutral technologies and processes
  • In recent future, with the advent of operational modalities under Article 6 Supervisory Body of UNFCCC and its administered International Carbon Registry (CARP), the Indian National Carbon Registry should effectively be linked on a real-time basis with International Carbon Registry
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How is EKI focusing on contributing towards the climate goals?

The rehabilitation of the planet is at the core of team EKI. We are a market leader with our differentiated offerings and one-stop- destination for all things related to carbon markets that enable significant carbon offset. With our net-zero commitment, we will now take climate action in India to newer heights by enabling the country to fast-track the stride to its net-zero commitment by the year 2070. With 3000+ customers across 40+ countries, we champion carbon offset solutions and offer an exhaustive bouquet of end-to-end sustainable solutions for climate change and carbon offsets. We are growing stronger each day even as we continue aligning economic recovery with long-term sustainability through our offerings to help develop a climate-resilient global economy.

As of date, we have supplied 180+ million credits globally. This year has been phenomenal for us as we achieved some amazing milestones:

  • We became the first ever company to list a Plastic Project from India with Verra – a global accreditation standard located in Washington, USA.
  • We partnered with Singapore-based ICAM (Impact Capital Asset Management Pte. Ltd.) to launch an Rs. 1000 crores (USD 125 Mn) Climate Impact Fund to develop GHG mitigation projects with a deep focus on community development across the globe.
  • Our subsidiary – GHG Reduction Technologies Pvt. Ltd., has completed the capacity expansion to achieve one of the highest production capacities in the world.
  • Our manufacturing plant, located in Nashik, now, has the capacity to manufacture 5 million improved cookstoves per year, the highest ever in the biomass category.
  • Our green cooking initiative continues to drive community upliftment while also helping in the generation of high-quality carbon credits.
  • We have distributed 500,000+ cookstoves to date within India.

We are now geared up to contribute more significantly to the planet’s journey to a net-zero future.

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What can we expect from EKI in the next 5 years?

With a torch held high to steer the planet to a greener & safer tomorrow, EKI has been aggressively promoting advancements in the climate sector to help fasten the pace to net zero. We are a one-stop solution for carbon management starting from the registration of projects to their verification, global accreditations, and monetization of credits and other environmental derivatives. We plan to continue steering the planet to net zero even as we continue to enable community development and biodiversity conservation and inspire more & more companies to implement green initiatives to reduce their carbon footprint. As industry challenges ease, the sector will witness massive growth and we are all geared up to make the most of its potential. In the next years, team EKI will continue to achieve newer heights in the climate sector even as we continue to stride the planet to a greener future.

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