- How has 2023 begun for EKI and what is the goal for this year?
2023 has been great so far. We continue to collaborate with leading brands in the domain of technology and others to enhance our services, facilitate our clients with the latest technology and ultimately expedite the journey towards a net-zero future. Our team of climate enthusiasts is present in 16 countries and serving 3500+ clients across 40+ countries. We have mobilised 200+ million offsets to date and are on the right path to fulfilling our aim of mobilising 1 billion credits by 2070. The ultimate goal is a net-zero future and we continue to fast stride towards our goal.
- What have been some major projects for EKI recently? What new projects are lined up for this year?
EKI has recently signed a Charter of Collaboration with DNV, a Norway-based independent assurance and risk management provider, to promote awareness and support governance of the voluntary carbon market ecosystem. We are also the first ever company to list a Plastic Project from India with Verra – a global accreditation standard located in Washington, USA. Recently, we also launched a Rs. 1000 crores (125 million USD) Climate Impact Fund in partnership with Singapore-based ICAM (Impact Capital Asset Management Pte. Ltd.). EKI also specializes in driving community-based projects like green cooking for efficient cookstoves in rural homes and Nature-based Solutions (NBS) for climate action; as well as collaborated with Inclusive Energy Limited, UK, to implement digital MRV systems in Biogas intervention, improving the credibility of such type of carbon offsets from community activities.
These are some of our important projects and achievements in the last few months. We will continue to execute projects that benefit the environment and takes us closer to our goal of achieving net-zero carbon emissions.
- What is your industry outlook for the Indian carbon markets?
The Government’s initiative to set up an Indian Carbon Market is a move worth applauding. It will enhance climate action in India and encourage more businesses and organizations to start their climate journey. Also, we welcome the recent notification of GOI, accepting 13 novel technologies for Article 6.2 carbon credits generation. Such initiatives will encourage investors to take long-term investment commitments towards carbon-neutral technologies and processes; and create a flourishing carbon market including a voluntary carbon market in India. We also expect GOI to put significant emphasis on the development of and operationalise digital MRV systems in Indian Carbon Registry, addressing reduced transaction costs and time in an effort to advance sustainability.
It is the appropriate time to establish a domestic carbon market as global climate action is accelerating at a fast pace. It will revolutionize the Indian carbon credit market by unlocking new market potentials and opening new opportunities for Indian sellers of carbon credits who will now have five different markets to choose from-
- How do you think more awareness can be created for Carbon credit and its need?
Enhanced awareness among stakeholders from businesses and investors domain will help them understand that carbon revenue will not only benefit them with increased investment in low-carbon technologies but also, leverage financially viable processes while enhancing their market competitiveness. This is important as the majority of customers and investors consider carbon footprints as one of the important criteria to decide while buying/selling carbon credits. It is a win-win situation for industries and businesses.
- Anything else you would like our readers to know?
We would like to highlight that the Grid Credit Program has got its due space in Union Budget 2023 allocations. This addresses the Prime Minister’s LIFE program, taking the environmental derivatives, credits & offset mechanisms to support various environment-friendly development activities, even at the individual level, beyond carbon. This, when implemented through required regulatory modalities, will support India’s sustainable & secured development pathways.