The Carbon Markets Association of India (CMAI) hosted a 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 an 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, Dr. 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 and CEO, Tata Power Renewable Energy Limited, 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 and Climate Change, Government of Uttar Pradesh, Hans Raj Verma, CMD, Tamil Nadu Industrial Investment Corporation Limited, Dr. 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, Ministry of New and Renewable Energy (MNRE), Atul Sharma, Co-Founder, Sarvada Legal, Siddhant Gupta, Vice President, EKI Energy Services Limited were among the many 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 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; lots of work goes behind every draft that 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,” Bakre said.
Dr Ajay Mathur, Director General, International Solar Alliance, said, “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 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, 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,” Dabkara said.
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 decarbonization. Panelists discussed the importance of maximizing domestic renewable energy sources, with a 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. Panelists emphasized policy frameworks in incentivizing clean technologies.
