Voluntary Carbon Markets in India: New Partnership between the Voluntary Carbon Market Integrity Initiative (VCMI) and the Carbon Markets Association of India (CMAI)
- The partnership aims to advance India’s participation in high-integrity voluntary carbon markets.
4 January 2023, London – The Voluntary Carbon Markets Integrity Initiative (VCMI) and The Carbon Markets Association of India (CMAI) are pleased to announce a new partnership aimed at boosting 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. The partnership will focus on the following objectives:
- 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.
- Enabling high-integrity, fair carbon finance flows to India. 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.
- Leveraging CMAI and VCMI’s networks to facilitate the scaling up of high-integrity carbon finance activities across priority sectors in India. VCMI and CMAI recognise that it is only with integrity that we will build the trust and confidence needed to enable India’s carbon market to flourish.
Mark Kenber, Executive Director, VCMI comments: “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.”
Rohit Kumar, Secretary General, CMAI comments: “This collaboration represents a transformative union across the entire carbon market landscape, seamlessly connecting grassroots farmers in remote areas to influential Indian policymakers and discerning buyers. With a core focus on embedding integrity within India’s burgeoning carbon market, this partnership signifies the creation of a resilient and trustworthy marketplace. It empowers our nation’s dedicated journey towards achieving net-zero emissions. The CMAI is truly delighted about collaboration with VCMI, foreseeing impactful strides towards a sustainable future.”
About VCMI:
The Voluntary Carbon Markets Integrity Initiative (VCMI) is an international non-profit organization with a mission to enable high-integrity voluntary carbon markets (VCMs) that deliver real and additional benefits to the atmosphere, help protect nature, and accelerate the transition to ambitious, economy-wide climate policies and regulation.
The organization is fully aligned with the goals of the Paris Agreement and is committed to a world on track to 1.5 degrees and net zero emissions by mid-century, achieved through a just transition that enhances equality and sustainable development for all.
About CMAI:
The Carbon Markets Association of India is a coalition comprising top industry experts who have joined forces to ensure that India’s path towards developing the National Emissions Trading System (ETS) and a robust Domestic Carbon Market is well-structured. Our mission is to bring together all stakeholders involved in carbon offsets, from farmers in the remotest villages to MSMEs and large industries. Our objective is to collaboratively devise strategic measures that empower the country’s journey towards a net-zero future. To achieve this, we are actively working to establish a strong and reliable carbon market in India.
Mr. Rohit Kumar, Secretary General, CMAI with George Hodgetts, Policy Associate, VCMI.