ATK
New Delhi [India], May 29: The Carbon Markets Association of India (CMAI) successfully hosted day-long Carbon Policy Development 2024 conclave on converging green solutions with carbon markets to achieve India’s net-zero targets on May 16 in New Delhi.
The Carbon Markets Association of India (CMAI) is a strategic alliance of industry experts passionate about climate and offset solutions. In line with this commitment, they have joined hands to enable the development of a robust carbon credit market in India. The event brought together prominent figures from bureaucracy, industry, think tanks, and academia to discuss critical strategies for achieving India’s ambitious goal of becoming a net-zero nation by 2070. Abhay Bakre, Director General, graced the occasion as the Chief Guest and delivered the keynote address.
These leaders highlighted the urgency of climate action and the importance of sustainable finance in mobilizing the necessary investments for India’s energy transition.
Abhay Bakre, Director General, Bureau of Energy Efficiency said, “We are developing a robust and transparent frame work and we have to be very careful with it. We want to keep it simple yet progressive. He also appreciated CMAI’s efforts and the major role of CMAI as an industry body.
Dr Ajay Mathur, Director General, International Solar Alliance, spoke of the course of action in policymaking for the industry, and highlighted the role of CMAI in it, remarking at the event, “I argue that it should be good if the carbon credits that we create domestically or globally are tooled to ask the developed countries that they should create a global guarantee fund.”
Manish Dabkara, President, Carbon Market Association of India, said, “It’s evident that India is taking significant strides in shaping its compliance and offset carbon market – a critical move towards a sustainable future.”
Sectoral focus for policy development
At the conference, various stakeholders, decision makers, and policymakers influencing the carbon market policy in India and other trade-related matters had enlightening conversations. A dedicated session focused on international cooperation in achieving climate goals. Panellists explored the role of mechanisms like Article 6 of the Paris Agreement and Carbon Border Adjustment Mechanisms (CBAM) in facilitating global emissions reductions.
The next panel discussion focused on specific green solutions for decarbonization. Panellists discussed the importance of maximizing domestic renewable energy sources, with a specific focus on modern bioenergy as a promising option due to India’s surplus of biomass and waste materials. The discussion highlighted the multiple benefits of modern bioenergy, including clean fuel generation, job creation, rural development, and environmental pollution mitigation.
The third session of the day followed recent advancements in carbon capture and alternative fuels, showcasing innovative approaches and breakthroughs. The session also addressed the challenges hindering large-scale implementation, including technological limitations, cost considerations, and navigating regulatory hurdles. Panellists emphasized policy frameworks in incentivizing clean technologies.
Collaboration is Key
“It is a very good time when the Government of India has announced offset mechanism which encourages industries in India to take voluntary action to mitigate residual emissions. This will support the green growth of India and its economy” said Mr Rohit Kumar, Secretary General, Carbon Markets Association of India in his opening remarks.
Carbon Markets Association of India (CMAI): It is a strategic alliance of industry experts who are passionate about climate and offset solutions and in line with this, have joined hands to enable the development of a robust carbon credit market in India and accelerate the country’s journey to achieve its commitment of achieving net-zero by 2070. It offers policy research and advocacy, innovative interventions, capacity building, community initiatives, and partnerships.
Know more about CMAI: https://cma-india.in/
Connect with us at secretary@cma-india.in
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