The Carbon Markets Association of India (CMAI) has partnered with the Voluntary Carbon Markets Integrity Initiative (VCMI) to boost India’s participation in high-integrity international carbon markets.
The partnership between VCMI and CMAI is rooted in a shared vision and mutual commitment to drive positive environmental change and sustainable development in the region, CMAI said.
The partnership will focus on empowering Indian stakeholders to participate in and benefit from high integrity international carbon markets. VCMI and CMAI will seek to address barriers to implementation, promoting an enabling environment for high-integrity VCMs that attract private investment aligned with national and sub-national climate and socioeconomic policy priorities.
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The levels of climate finance today are a fraction of where they need to be to avoid the worst effects of climate change. Voluntary carbon markets are one of the most direct ways to get private sector finance moving faster to local communities where it is needed on the ground, CMAI said.
The partnership will also leverage CMAI and VCMI’s networks to facilitate the scaling up of high-integrity carbon finance activities across priority sectors in India.
“High-integrity carbon markets can mobilise private and public sector finance to where it is needed most. There is much more to do to unlock the enormous potential of these markets across India; through this exciting partnership we aim to support high integrity VCM growth across the country and so measurably accelerate climate action, innovation, and equitable development,” VCMI Executive Director Mark Kenber said.
“We are thrilled for this transformative collaboration with VCMI. This partnership signifies a pivotal moment for India’s carbon market, promising to create a resilient and trustworthy marketplace and the global climate action movement. By connecting local communities, policymakers, and buyers, we aim to enhance the integrity and resilience of India’s carbon market. Together with VCMI, we are eager to foster high-integrity voluntary carbon markets that align with India’s climate and socio-economic priorities, driving positive environmental change and equitable development. I welcome this alliance, anticipating its profound impact on accelerating climate action and innovation,” CMAI President Manish Dabkara said.