New Delhi, January 19

Carbon Markets Association of India (CMAI) and Association of Renewable Energy Agencies of States (AREAS) have signed an MoU to provide regular exchange on policy and regulatory developments in carbon trading and assist in the development of an Indian carbon market.

Under the MoU, both the entities would ensure regular exchange of knowledge, guidance, information, innovation, policy and regulatory developments in the carbon market, CMAI said in a statement.

The parties will also work on enhancing the development of renewable energy (RE) projects to offset emissions with focus on community development. The MoU aims to work for a carbon neutral economy and aid the development of Indian carbon market, it added.

AREAS is an association of state nodal agencies working for promotion of renewable energy. The Minister for New & Renewable Energy is the ex-officio patron and MNRE Secretary is the ex-officio president. CMAI is an association of carbon offset industry players.

“CMAI and AREAS will together work towards end-to-end carbon offset management of greenhouse gas (GHG) mitigation projects and generate carbon finance while guiding their associates about carbon neutrality and net-zero goals with collaborative recommendations for structured roadmap towards a net-zero future,” it said.

Emission reduction plans

Carbon emission trading, facilitated through a robust carbon market, will provide flexibility in achieving emission reduction targets for an entity, AREAS Executive Director Jeevan Kumar Jethani said.

“We aim to strengthen this transformation and develop more RE and GHG mitigation projects, promote grid-connected and off-grid RE, guide larger groups of associates about climate change & carbon neutrality and ultimately accelerate the net-zero journey; while enhancing the country’s energy access and securities,” he explained.

CMAI President Manish Dabkara said climate action is gaining momentum worldwide and its positive impact can be seen in India too as the country is taking efforts to develop the Icarbon market and National Emissions Trading Scheme (ETS).

“We look forward to facilitating the development of a robust carbon market in India and maximising our synergies to the greatest extent possible to achieve our common goal of a net-zero developed India,” he added.