Companies in the green energy sector, including Adani Greens, Hero Future Energies, Macquarie Group and EKI Energy Services have come together to form a strategic industry alliance, Carbon Markets’ Association of India, which will aim to create a robust carbon trading market in the country.
“Established with the aim to transform the country’s carbon market and spearhead the evolution of the domestic market, the association will empower India’s journey to become net-zero through climate positive initiatives,” EKI Energy Services CMD and CEO, Manish Dabkara, said.
Dabkara, who is also the first president of the industry association, added: “A robust carbon credit market is the most strategic mechanism that can enable the country’s transition to become carbon neutral and march onwards to net-zero by 2070, as envisioned and committed at COP26 by Prime Minister Narendra Modi.”
The domestic market that is formed in unison and close consultation with relevant industry stakeholders, can accelerate the country’s transition to become carbon neutral, he pointed out.
Established at a time as the market gears up for a revolution with the Energy Conservation Act 2022 likely to come into effect soon, the association will work across sectors to bring together an entire ecosystem that focuses on India’s net-zero growth. With climate change as its core focus, the association will also support the development of innovative interventions for climate action.
The association will play a key role in enabling this development of India’s credit market as it brings together all the key industry stakeholders, starting from farmers in the remotest villages to central and state governments, to municipal corporations, to public and private sector companies, and all associated establishments working towards enabling climate action in India.