New Delhi: In a significant step towards strengthening India's carbon markets and advancing decarbonisation efforts, the Indian Institute of Corporate Affairs (IICA) and the Carbon Market Association of India (CMAI) have signed a Memorandum of Understanding (MoU) in New Delhi. The agreement was announced on the inaugural day of the IICA-CMAI Masterclass on Global and Indian Carbon Markets on 4 February. Nitin Gadkari, Minister for Road, Transport and Highways, attended the event and emphasised the role of biofuels and green hydrogen in shaping India’s economic and environmental future.
 

He shared details of pilot projects related to bio-bitumen, bio-aviation fuel and bio-CNG, highlighting that the conversion of knowledge into wealth is the future and that no material is waste. He stressed the importance of public-private partnerships and said hydrogen is the fuel for the future. He expressed confidence that India would be the first nation to achieve the goal of producing hydrogen at one dollar per kilogram, citing the country’s advanced research and development initiatives in the field. He noted that while the initial cost of capital and technology may seem high, ongoing research will unlock the true potential of alternative fuels. He reaffirmed the government's commitment to developing a diversified biofuels sector, stating that India will soon become an exporter of green hydrogen. He also congratulated the organisers on launching the Sustainable Aviation Fuel (SAF) Alliance and capacity-building initiatives in the sector.
 

Garima Dadhich, head of the School of Business Environment at IICA, said the IICA Certificate Programme in Decarbonisation would create a pool of corporate professionals with expertise in carbon offset mechanisms and long-term decarbonisation strategies.
 

Manish Dabkara, president of CMAI, said the MoU marked an important step in building a strong ecosystem for carbon markets in India. He highlighted that training programmes, research, workshops and conferences would accelerate sustainable business initiatives and expressed confidence in a successful partnership. Rohit Kumar, secretary general of CMAI, noted that awareness remained a challenge in the sector and said the collaboration would combine CMAI’s industry expertise with IICA’s institutional strength to create impactful learning opportunities and support India’s transition to a low-carbon economy.
 

This strategic partnership aims to equip industry professionals, policymakers and academicians with the knowledge and skills needed to navigate India’s evolving carbon markets. CMAI, a leading industry association focused on accelerating sustainable business initiatives, will serve as the knowledge partner to IICA, a think tank under the Ministry of Corporate Affairs, supporting the growth and development of the corporate sector in India.
 

Under the agreement, CMAI and IICA will collaborate on training programmes, joint research, conferences and policy advocacy focused on carbon markets, low-carbon industrial solutions and sustainable finance. The partnership will facilitate dialogue among industry stakeholders, policymakers and academics while supporting regulatory frameworks that drive India’s net-zero ambitions.
 

The first day of the Masterclass saw the participation of more than 70 professionals from leading corporates and PSUs, as well as delegations from government bodies, embassies and international organisations. Organised by IICA as part of India Climate Week, the event featured a case-study discussion led by Shivangi Vashishta, senior research associate at the School of Business Environment, IICA, which enhanced delegate engagement. The first day concluded with an insightful session by the managing partner of ERM India. The second day of the Masterclass will feature sessions on international carbon markets.
 

BI Bureau