IICA and CMAI Sign Landmark MoU to Strengthen India’s Carbon Markets and Decarbonisation Efforts

New Delhi: In a major move to bolster India’s carbon markets and accelerate decarbonisation, the Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) signed a Memorandum of Understanding (MoU) on the inaugural day of the IICA-CMAI Masterclass on Global & Indian Carbon Markets. The event, held in New Delhi, was graced by Nitin Gadkari, Minister for Road, Transport & Highways, Government of India, who outlined the importance of biofuels and green hydrogen in shaping India’s economic and environmental future.

Minister Gadkari emphasized the potential of biofuels and alternative energy sources like Bio Bitumin, Bio Aviation-fuel, and Bio CNG, saying, “Conversion of knowledge into wealth is the future, and no material is waste.” He highlighted the role of Public-Private Partnerships (PPP) in driving these initiatives and shared his vision for hydrogen as the “fuel for the future,” with a target cost of $1 per kg, positioning India as a leader in hydrogen production due to its advanced research and development initiatives. The Minister also praised the launch of the Sustainable Aviation Fuel (SAF) Alliance, a key step towards reducing emissions in the aviation sector.

The MoU between IICA and CMAI marks a significant step towards creating a robust ecosystem for carbon markets in India. Dr. Garima Dadhich, Head of the School of Business Environment at IICA, announced that the IICA Certificate Programme in Decarbonisation will aim to equip corporates with expertise to develop carbon offset mechanisms for climate mitigation and integrate decarbonisation strategies into their operations.

Manish Dabkara, President of CMAI, expressed that this partnership would foster sustainable business practices by providing training, research, workshops, and conferences focused on accelerating India’s low-carbon transition. CMAI’s expertise, combined with IICA’s institutional strength, will create impactful learning opportunities to support India’s journey towards a low-carbon economy.

Rohit Kumar, Secretary General of CMAI, emphasized the need to raise awareness in the carbon markets sector, and through this collaboration, they aim to address this challenge and enhance understanding of decarbonisation strategies.

The strategic collaboration will focus on the following areas:

• Training Programmes: Offering courses on carbon markets, low-carbon industrial solutions, and sustainable finance.
• Joint Research: Conducting studies and publishing insights on decarbonisation and carbon trading mechanisms.
• Workshops and Conferences: Organizing events to promote dialogue among industry stakeholders, policymakers, and academics.
• Policy Advocacy: Supporting regulatory frameworks that drive India’s net-zero ambitions.

The first day of the Masterclass saw over 70 professionals from leading corporations, PSUs, governmental bodies, embassies, and international organizations participate. Shivangi Vashishta, Senior Research Associate at IICA, led a case-study discussion that encouraged interactive engagement among delegates. The day concluded with a session from the Managing Partner of ERM India, while the second day of the Masterclass will feature a series of sessions on International Carbon Markets.