IICA and CMAI Sign MoU to Enhance Capacity for Decarbonisation
In a move to enhance India’s carbon markets and promote decarbonization, the Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) have entered into a Memorandum of Understanding (MoU). This significant agreement was unveiled on February 4th during the inaugural session of the IICA-CMAI Masterclass on Global and Indian Carbon Markets in New Delhi. The event was attended by Shri Nitin Gadkari, the Minister for Road, Transport & Highways, who underscored the crucial role of biofuels and green hydrogen in shaping India’s economic and environmental future. This partnership aims to create a robust ecosystem for carbon markets in India, equipping industry professionals and policymakers with the necessary tools to navigate the evolving landscape of carbon trading.
The Role of Biofuels and Green Hydrogen
During the announcement, Minister Nitin Gadkari emphasized the importance of biofuels and green hydrogen in India’s transition to a sustainable economy. He highlighted several pilot projects, including Bio Bitumin, Bio Aviation Fuel, and Bio CNG, showcasing the potential of these alternative fuels. Gadkari stated, “Conversion of Knowledge into wealth is the future, and no material is waste.” He expressed optimism about reducing the cost of hydrogen to one dollar per kilogram, a goal he believes India can achieve through its advanced research and development initiatives.
The Minister also acknowledged the initial high costs associated with capital and technology in the biofuels sector. However, he assured that ongoing research would unlock the true potential of these resources. He reiterated the government’s commitment to diversifying the biofuels sector, envisioning India as a future exporter of green hydrogen. Gadkari concluded by congratulating the organizations involved for launching the Sustainable Aviation Fuel (SAF) Alliance and their capacity-building initiatives in this domain.
Collaborative Efforts for Decarbonization
Dr. Garima Dadhich, Head of the School of Business Environment at IICA, announced the launch of the IICA Certificate Programme in Decarbonisation. This program aims to develop a skilled workforce capable of creating carbon offset mechanisms for climate mitigation. It will also focus on integrating long-term strategies to decarbonize corporate operations. The collaboration between IICA and CMAI is expected to foster a culture of sustainability within the corporate sector.
Mr. Manish Dabkara, President of CMAI, remarked that the MoU represents a significant 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, pointed out that raising awareness about carbon markets has been a major challenge. By combining CMAI’s industry expertise with IICA’s institutional strength, the partnership aims to create impactful learning opportunities that will facilitate India’s transition to a low-carbon economy.
Strategic Partnership for Knowledge Sharing
The strategic 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, as a leading industry association focused on sustainable business initiatives, will serve as the knowledge partner to IICA, which operates under the Ministry of Corporate Affairs.
Under the MoU, both organizations will collaborate on various initiatives, including:
- Training Programs: Developing and delivering courses on carbon markets, low-carbon industrial solutions, and sustainable finance.
- Joint Research: Conducting studies and publishing insights on decarbonization strategies and carbon trading mechanisms.
- Workshops and Conferences: Organizing events to facilitate dialogue among industry stakeholders, policymakers, and academics.
- Policy Advocacy: Supporting regulatory and policy frameworks that drive India’s net-zero ambitions.The first day of the Masterclass saw participation from over 70 professionals from leading corporates, public sector undertakings, and delegations from governmental bodies and international organizations. The event is part of India Climate Week and aims to enhance engagement and knowledge sharing among stakeholders in the carbon market.
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