Carbon credits created domestically or globally should be used to encourage developed countries to create a global guarantee fund
The Carbon Markets Association of India (CMAI), a strategic alliance of industry experts, is facilitating the development of a strong carbon credit market in India. At its Carbon Policy Development 2024 conclave, prominent figures from bureaucracy, industry, think tanks and academia discussed critical strategies that could steer India towards achieving its ambitious target of becoming a net-zero nation by 2070.
These leaders highlighted the urgency of climate action and the importance of sustainable finance in mobilising the necessary investments for India's energy transition. Abhay Bakre, Director General of the Bureau of Energy Efficiency, emphasised the need for a robust and transparent framework that is simple yet progressive.
Dr Ajay Mathur, Director General of International Solar Alliance, discussed policymaking for the industry and emphasised the role of CMAI in it. He suggested that carbon credits created domestically or globally should be used to encourage developed countries to create a global guarantee fund.
Manish Dabkara, President of the Carbon Market Association of India, stated that India is making significant strides in shaping its compliance and offset carbon market, which is a critical move towards a sustainable future.At the conference, a session focused on international cooperation in achieving climate goals and exploring the role of mechanisms in facilitating global emissions reductions.
Another panel discussion dwelled upon specific green solutions for decarbonisation, highlighting the importance of maximising domestic renewable energy sources, particularly modern bioenergy, due to India's surplus of biomass and waste materials. The discussion emphasised the benefits of modern bioenergy, including clean fuel generation, job creation, rural development, and environmental pollution mitigation.
The third session showcased recent advancements in carbon capture and alternative fuels, addressing the challenges hindering large-scale implementation, including technological limitations, cost considerations, and navigating regulatory hurdles. Panellists emphasised the need for policy frameworks to incentivise clean technologies.