Mumbai: The Carbon Markets Association of India (CMAI) successfully hosted a day-long Carbon Policy Development 2024 conclave on converging green solutions with carbon markets to achieve India’s net-zero targets on 16 May 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, Saurabh Diddi, director, Bureau of Energy Efficiency, Ajay Mathur, director general of the International Solar Alliance, R.K. Jain, principal executive director of Indian Railways, Subhash Kumar, director general, Association of CGD Entities, Deepesh Nanda, managing director & CEO, Tata Power Renewable Energy Ltd, Kapil Kumar Jain, executive director, Gas Authority Of India Ltd., Damon DuBord, first secretary - energy affairs, Embassy of the USA, Ashish Tiwari, secretary, department of environment, Forest & Climate Change, Government of Uttar Pradesh, Hans Raj Verma, CMD, Tamil Nadu Industrial Investment Corporation Ltd, Vikram Vishal, professor, IIT Bombay, Manish Dabkara, president, CMAI, Ashok Kumar, regional representative (Central & South Asia), Dr Lokesh Dube, senior standards manager (Energy and LUF), Gold Standard, Rohit Kumar, secretary general, Carbon Markets Association of India, Sanjay Ganjoo, director general, Indian Federation of Green Energy, Alok Sharma, director (R&D), Indian Oil Corporation, Dr Gaurav Mishra, scientist F, ninistry of new and renewable energy (MNRE), Atul Sharma, co-founder, Sarvada Legal, Siddhant Gupta, vice president, EKI Energy Services Ltd were among the many esteemed dignitaries to attend the conclave on Carbon Policy Development 2024.
These leaders highlighted the urgency of climate action and the importance of sustainable finance in mobilising the necessary investments for India’s energy transition.
Bureau of Energy Efficiency director general Abhay Bakre said, "We are developing a robust and transparent framework and we have to be very careful with it; lots of work goes behind every draft we bring out. We want to keep it simple yet progressive. We don't want any hardship or limitations for the stakeholders while implementing it tomorrow. At the same time, we can’t make it ambiguous. Mr Bakre also appreciated CMAI efforts and the major role of CMAI as an industry body.
International Solar Alliance director general Ajay Mathur 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."
Carbon Market Association of India president Manish Dabkara said, “It's evident that India is taking significant strides in shaping its compliance carbon market - a critical move towards a sustainable future. It is important that India stays on course and up-to-date with the global trends, and achieves its own climate goals while benefiting from the international market financially. This is where the role of CMAI becomes crucial when it comes to influencing the policies necessary to steer India towards a net zero future with the help of carbon markets.”
The sectoral focus for policy development
Various stakeholders, decision-makers, and policymakers influencing the carbon market policy in India and other trade-related matters had enlightening conversations at the conference. 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. Discussions also addressed the challenges and opportunities these frameworks present for sustainable development and fostering innovation.
Another panel discussion focused on specific green solutions for decarbonisation. Panellists discussed the importance of maximising 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. Strategies and pathways for effectively harnessing energy from biomass and waste materials were explored in this session.
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 emphasised policy frameworks in incentivizing clean technologies.
Collaboration is key
The conference concluded on emphasising the importance of collaboration between public and private sectors in achieving net-zero targets. Participants discussed successful partnerships that have driven innovation and deployment in the clean energy sector.
"It is a very good time when the Government of India has announced an 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, and will also create numerous opportunities not only in India but also other countries, especially with Global South," said Carbon Markets Association of India secretary general Rohit Kumar in his opening remarks.
The CMAI’s conference generated significant discussion and highlighted the critical role of carbon markets and green solutions in achieving India’s net-zero goals. The learnings and collaborations fostered during the event will pave the way for a more sustainable future for India.
