In a groundbreaking move to bolster India’s carbon markets and accelerate decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) signed a Memorandum of Understanding (MoU) in New Delhi.

The event was attended by Nitin Gadkari, the Minister for Road, Transport & Highways, who underscored the vital role of biofuels and green hydrogen in shaping the country’s economic and environmental future.

Dr. Garima Dadhich, Head of the School of Business Environment at IICA, highlighted the launch of the IICA Certificate Programme in Decarbonisation. This program aims to equip corporate leaders with advanced expertise in developing carbon offset mechanisms for climate mitigation. It also seeks to help organisations integrate long-term strategies to decarbonise their operations, further aligning corporate practices with sustainable environmental goals.

Nitin Gadkari shared the government’s innovative initiatives related to biofuels, including pilot projects on Bio Bitumin, Bio Aviation-fuel, and Bio CNG. He emphasised the idea that “Conversion of Knowledge into wealth is the future and No Material is waste,” illustrating the vast potential of turning sustainable practices into economic assets.

His remarks on hydrogen as the fuel of the future highlighted the government’s vision for a green hydrogen economy. He expressed that India would lead the world in achieving a hydrogen cost of $1 per kg, driven by the country’s cutting-edge research and development in the sector.

Acknowledging the challenges associated with the high initial costs of capital and technology, the Minister also pointed to the significant research being conducted in the field. He expressed optimism that this research would ultimately unlock the true potential of biofuels and alternative energy sources.

Gadkari also congratulated the launch of the Sustainable Aviation Fuel (SAF) Alliance and recognised the importance of capacity-building initiatives in the biofuel sector. This marks a critical step in fostering innovation and expertise in the growing field of sustainable aviation.

Manish Dabkara, President of CMAI, emphasised that this partnership marks a significant leap forward in creating a robust ecosystem for carbon markets in India. Training programs, workshops, research, and conferences will be instrumental in accelerating sustainable business practices and furthering India’s transition to a low-carbon economy.

Rohit Kumar, Secretary General of CMAI, echoed this sentiment, pointing out that awareness has been a major challenge in the sector. By combining CMAI’s industry knowledge with IICA’s institutional strength, the collaboration aims to create impactful learning opportunities that will help drive India’s shift toward sustainability.

The strategic partnership between IICA and CMAI is designed to equip industry professionals, policymakers, and academicians with the necessary knowledge and expertise to navigate the evolving landscape of carbon markets in India.