EKI Energy, Macquarie Group, ACME, others come together to form Carbon Market Association of India

Key stakeholders with interest in the carbon markets have formed a strategic alliance, namely Carbon Markets Association of India (CMAI), that aims to facilitate work across sectors to develop an ecosystem that will focus on India’s net-zero goals.

The key members of the association include Ayana Renewable Power, ACME Solar, Azure Power, EKI Energy Services Ltd., Macquarie Group, MPCON Ltd, among others. The association also plans to add more members in the next few weeks.

The formation of the association comes after the introduction of the Energy Conservation (Amendment) Bill, 2022 which aims to boost clean energy and help in achieving India’s commitments towards climate change.

“The domestic market that is formed in unison and close consultation with relevant industry stakeholders can tremendously accelerate the country’s transition to become carbon neutral. The association has thus been formed with this at its core DNA, bringing together some of the best minds for advocacy and capacity building,” said Manish Dabkara, Chairman, managing director and chief executive officer of EKI Energy. He has been appointed as the President of the association.

In a media briefing, members of the association said that it will aim to transform the country’s carbon market and empower India’s journey to become net-zero through climate positive initiatives. The association will work as a mediator between the industry and the government bodies for drawing up recommendations on policy guidelines.

Dabkara said the country’s carbon market is headed for a new success story and the association will add further impetus to this growth of the market, citing the government’s aspiration to generate surplus carbon credits from the country that could be exported worldwide.