India’s Ministry of Corporate Affairs-backed think tank, the Indian Institute of Corporate Affairs (IICA), has signed a Memorandum of Understanding (MoU) with the Carbon Market Association of India (CMAI) to enhance the country’s carbon markets and decarbonisation initiatives. The agreement was formalised in New Delhi during the first day of the IICA-CMAI Masterclass on Global and Indian Carbon Markets, attended by India’s Minister for Road, Transport & Highways Nitin Gadkari, according to a press release.

Gadkari underscored the critical role of biofuels and green hydrogen in India’s economic transformation, stating that hydrogen is "the fuel of the future." He expressed confidence that India could achieve a production cost of $1 per kg, given its advanced research and development efforts. He highlighted government initiatives in biofuels and alternative fuels, noting that despite high initial costs, ongoing research will unlock their true potential. He also reaffirmed India’s ambition to become a leading exporter of green hydrogen.

Under the MoU, IICA and CMAI will collaborate on training programmes, research projects, policy advocacy, and industry events aimed at fostering a low-carbon economy. Key focus areas include carbon trading mechanisms, sustainable finance, and low-carbon industrial solutions.

Dr. Garima Dadhich, head of IICA’s School of Business Environment, said the institute’s certification programme on decarbonisation aims to develop corporate expertise in carbon offset strategies. CMAI’s president Manish Dabkara emphasised that the partnership would build a robust ecosystem for India’s carbon markets, while CMAI Secretary General Rohit Kumar pointed out that industry awareness remains a major challenge.

The event, held as part of India Climate Week, attracted over 70 professionals from corporations, public sector units, government bodies, embassies, and international organisations. The second day of the masterclass will focus on international carbon markets.