New Delhi [India], July 27: The Ministry of New & Renewable Energy in partnership with the Carbon Markets Association of India (CMAI), EY and Shakti Sustainable Energy Foundation hosted a day long national workshop on carbon markets titled “Accelerating Green Hydrogen and Clean Energy” to achieve India’s net zero targets, on July 25 in New Delhi. Minister of New and Renewable Energy, Pralhad Venkatesh Joshi, graced the occasion as the Chief Guest and delivered the keynote address. The workshop covered many critical topics, including carbon market opportunities for Nationally Determined Contributions (NDCs), discussions around strategies for effectively engaging buyers within Indian Carbon Market, ensuring high integrity and transparency.
CMAI was the knowledge partner for the afternoon session where they conducted a session on ‘Overview of Present and Upcoming Opportunities in the Indian and Global Carbon Markets.’ Secretary General of the Carbon Markets Association of India, Rohit Kumar led this session where he spoke about Indian carbon market opportunities and the role of CMAI for sharing industry feedbacks and suggestions for strengthening of Carbon market.
CMAI’s President, Manish Dabkara, also led a panel discussion at the workshop on ‘Leveraging India’s Position in the International Voluntary Carbon Market; Ensuring Transparency and High Integrity.’ This esteemed panel was attended by industry leaders including Ashok Kumar from Verra, Lokesh Chandra Dube from Gold Standard, Anton Tsvetov from ICVCM, and Bianca Gichangi from VCMI.
In this national carbon market workshop, Pralhad Venkatesh Joshi, Minister of New and Renewable Energy emphasized the Panchamrit growth strategy and recent budget announcements, outlining a roadmap to harness carbon markets for decarbonizing hard-to-abate sectors. He also reaffirmed India’s commitment to “Vasudhaiva Kutumbakam” in climate action, despite our low per capita emissions.
Bhupinder Singh Bhalla, Secretary, MNRE, talked about India’s strategic priorities and need to leverage global carbon market. He highlighted India is walking the talk as it has achieved more than double of renewable energy capacity installation now than what country had back in 2014.
Nameeta Prasad, Joint Secretary, MoEFCC, presented details on the domestic carbon market, remarking that “India is deeply committed to participating in both domestic and international carbon markets.”
Manish Dabkara, President, Carbon Market Association of India, stated “In International Voluntary Carbon Market, India is the first largest supplier of the credits originated from renewable energy and energy efficiency based projects.”
Rohit Kumar, Secretary General, Carbon Markets Association of India stated “This workshop is of utmost importance at this juncture, following India’s introduction of an offset mechanism and the establishment of detailed procedures for the compliance mechanism under CCTS. CMAI is actively sharing industry feedbacks and suggestions organizing workshops for capacity enhancement across sector. Kumar extended sincere gratitude to Suman Chandra, Director Ministry of New & Renewable Energy for giving opportunity to partner in this prestigious national carbon market workshop.
The workshop highlighted the urgency of climate action and the importance of international voluntary carbon market to generate carbon finance in mobilizing the necessary investments for India’s green energy transition.
Carbon Markets Association of India (CMAI):
Carbon Markets Association of India (CMAI) is the only association in India, which is dedicated to working towards enabling India in its journey towards a net-zero future. CMAI with its members are working on 3,500 (Three Thousand) projects across the sector for monitoring carbon emission and helping them to generate finance across the continents and sectors. CMAI is closely working with various ministries and stakeholder consulting committees and sharing regular insights for the holistic growth of carbon market.
