NEW DELHI, January 8, 2023 – In a significant move to bolster India’s role in global carbon markets, the Voluntary Carbon Markets Integrity Initiative (VCMI) and The Carbon Markets Association of India (CMAI) have formed a strategic alliance. Announced on January 4, 2023, in London, this partnership is set to elevate India’s participation in high-integrity international carbon markets.
VCMI, an international non-profit organization, and CMAI, a coalition of India’s top industry experts, share a common vision of environmental sustainability and sustainable development. Together, they aim to empower Indian stakeholders to actively engage and benefit from these markets. Their collaboration will address implementation barriers and foster an environment conducive to attracting private investments that align with India’s climate and socioeconomic policies.
A crucial aspect of this partnership is to enable fair and high-integrity carbon finance flows to India, a move seen as essential in combatting climate change. Given the current inadequate levels of climate finance, voluntary carbon markets are viewed as a direct method to accelerate private sector finance to local communities where it is urgently needed.
Both VCMI and CMAI will leverage their extensive networks to scale up carbon finance activities in India’s priority sectors. Integrity and trust are the cornerstones of their strategy to ensure the growth and success of India’s carbon market.
Mark Kenber, Executive Director of VCMI, emphasized the importance of high-integrity carbon markets in mobilizing finance where it’s most needed and unlocking the potential of these markets in India. Similarly, Rohit Kumar, Secretary General of CMAI, highlighted the transformative nature of this partnership, connecting grassroots efforts to policy makers and market participants, and reinforcing the commitment to a net-zero emissions future.
VCMI’s mission is to facilitate high-integrity voluntary carbon markets that not only benefit the atmosphere but also protect nature and support a transition to climate policies aligned with the Paris Agreement’s goals. Meanwhile, CMAI focuses on developing India’s National Emissions Trading System and a robust Domestic Carbon Market, aiming to bring together all stakeholders from remote farmers to large industries in the journey towards a net-zero future.
This collaboration marks a significant step in strengthening India’s position in the global carbon market and advancing towards sustainable and equitable climate action.