In a significant move to bolster India’s carbon markets and accelerate decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) signed a Memorandum of Understanding (MoU) in New Delhi. The agreement was announced on the inaugural day of the IICA-CMAI Masterclass on Global & Indian Carbon Markets, held as part of India Climate Week. The event was graced by Shri Nitin Gadkari, Union Minister for Road, Transport & Highways, who underscored the critical role of biofuels and green hydrogen in shaping India’s economic and environmental future.
During his address, Shri Gadkari highlighted several pilot projects, including Bio Bitumen, Bio Aviation-fuel, and Bio CNG, and emphasized that “conversion of knowledge into wealth is the future, and no material is waste.” He stressed the importance of public-private partnerships (PPP) and declared, “Hydrogen is the fuel for the future.” The Minister shared his vision of reducing the cost of hydrogen to $1 per kilogram, expressing confidence that India will lead the world in achieving this goal due to its cutting-edge research and development initiatives in the field.
Shri Gadkari also acknowledged the high initial costs of capital and technology in biofuels and alternative fuels but noted that ongoing research will unlock their true potential. He reiterated the government’s commitment to developing a diversified biofuels sector, which will contribute to a cleaner and more sustainable energy landscape. He further predicted that India will soon become a Green Hydrogen exporting nation. The Minister congratulated the organizations for launching the Sustainable Aviation Fuel (SAF) Alliance and their capacity-building initiatives in this domain.
Focus on Capacity Building and Decarbonisation
Dr. Garima Dadhich, Head of the School of Business Environment at IICA, outlined the objectives of the IICA Certificate Programme in Decarbonisation. She stated that the program aims to create a pool of corporate professionals with advanced expertise in developing carbon offset mechanisms for climate mitigation and integrating long-term decarbonisation strategies into their operations.
Mr. Manish Dabkara, President of CMAI, described the MoU as a landmark step toward building a robust ecosystem for carbon markets in India. He emphasized the importance of training programs, research opportunities, workshops, and conferences in accelerating sustainable business initiatives. Mr. Rohit Kumar, Secretary General of CMAI, highlighted the challenge of awareness in this sector and expressed optimism that the collaboration between CMAI’s industry expertise and IICA’s institutional strength will create impactful learning opportunities to drive India’s transition to a low-carbon economy.
Strategic Collaboration for a Low-Carbon Future
The partnership between IICA and CMAI aims to equip industry professionals, policymakers, and academicians with the knowledge and expertise needed to navigate India’s evolving carbon markets. CMAI, a leading industry association focused on sustainable business initiatives, will serve as the knowledge partner to IICA, a think tank under the Ministry of Corporate Affairs, to support the growth and development of India’s corporate sector.
Key areas of collaboration under the MoU include:
- Training Programmes: Developing and delivering courses on carbon markets, low-carbon industrial solutions, and sustainable finance.
- Joint Research: Conducting studies and publishing insights on decarbonisation strategies and carbon trading mechanisms.
- Workshops and Conferences: Organizing events to foster dialogue among industry stakeholders, policymakers, and academics.
- Policy Advocacy: Supporting regulatory and policy frameworks that align with India’s net-zero ambitions.
Masterclass on Global & Indian Carbon Markets
The first day of the IICA-CMAI Masterclass saw participation from over 70 professionals representing leading corporates, public sector undertakings (PSUs), governmental bodies, embassies, and international organizations. Ms. Shivangi Vashishta, Senior Research Associate at IICA, led a case-study-based discussion that enhanced delegate engagement. The day concluded with an insightful session by the Managing Partner of ERM India. The second day of the Masterclass will feature a series of sessions on International Carbon Markets.
This strategic partnership marks a significant step forward in India’s journey toward a sustainable and low-carbon future, aligning with global climate goals and reinforcing the nation’s commitment to environmental stewardship.
