8, Jan 2024
CMAI partners London-based body VCMI to help stakeholders with the norms of carbon credits
New Delhi: Homegrown Carbon Markets Association of India (CMAI) has partnered with global body Voluntary Carbon Market Integrity Initiative (VCMI) to help stakeholders with the norms of carbon credits which is a developing market in India.
The agreement with London-headquartered VCMI aims to guide industry players from the registration process for projects involved in generation of carbon credits, monitoring of projects to trading of the carbon credits generated in a transparent manner, CMAI said in a statement.
The partnership will seeks promoting an enabling environment for high-integrity voluntary carbon market (VCMs) that attract private investment aligned with national and sub-national climate and socioeconomic policy priorities, the statement said.
As part of the agreement, CMAI and VCMI will facilitate the stakeholders in scaling up carbon finance activities across priority sectors in India.
Mark Kenber, Executive Director, VCMI said “Through this partnership we aim to support high integrity VCM growth across the country, accelerate climate action…and equitable development.”
Manish Dabkara, President, CMAI said the partnership signifies a pivotal moment for India’s carbon market, contributing to the creation of a resilient and trustworthy marketplace and the global climate action movement.
“By connecting local communities, policymakers, and buyers, we aim to enhance the integrity and resilience of India’s carbon market. Together with VCMI, we are eager to foster high-integrity voluntary carbon markets that align with India’s climate and socio-economic priorities, driving positive environmental change and equitable development,” Dabkara said.
VCMI is an international non-profit organization which works to enable high-integrity voluntary carbon markets (VCMs). The organization is aligned with the goals of the Paris Agreement.
CMAI is a strategic alliance of industry experts who work towards carbon offset solutions. It offers services like policy research and advocacy, innovative interventions, capacity building, community initiatives, partnerships among others
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- By Rabindra
31, Oct 2023
The Growing Demand for Carbon Offsetting and Carbon Credits: A Crucial Step Towards a Sustainable Future
In recent years, the global conversation around climate change has intensified, leading to increased awareness and urgency regarding the need for sustainable practices. One key area that has gained significant traction is carbon offsetting and carbon credits. Creduce, India’s leading services provider in the field of climate change and carbon asset management, recognizes the pivotal role these measures play in shaping a sustainable future.
Understanding Carbon Offsetting:
Carbon offsetting is a process where individuals, businesses, or governments invest in environmental projects to balance out their own carbon emissions. These projects, such as reforestation initiatives or renewable energy installations, absorb or reduce an equivalent amount of carbon dioxide from the atmosphere. This practice allows entities to neutralize their carbon footprint, thereby mitigating the adverse effects of climate change.
The Significance of Carbon Credits:
Carbon credits are a key component of carbon offsetting efforts. They represent a unit of measurement for one ton of carbon dioxide or its equivalent gases that have been reduced or removed from the atmosphere. Organizations can buy these credits from projects that have successfully reduced emissions. By purchasing carbon credits, companies can meet their emission reduction targets, support sustainable development initiatives, and contribute to global climate change mitigation efforts.
Factors Driving the Demand:
Corporate Social Responsibility (CSR): Many businesses are recognizing the importance of CSR initiatives, including carbon offsetting, to enhance their public image and contribute to environmental conservation.
Regulatory Compliance: With increasing environmental regulations worldwide, businesses are compelled to reduce their carbon emissions. Carbon offsetting provides a viable avenue for compliance with these regulations.
Consumer Awareness: As consumers become more environmentally conscious, they are demanding that companies take responsibility for their carbon emissions. This push from consumers is driving businesses to invest in carbon-offsetting initiatives.
Climate Change Mitigation: Governments and international organizations are actively promoting carbon offsetting as a practical solution to mitigate the adverse effects of climate change. This support further boosts the demand for carbon credits.
Challenges and Opportunities:
While the demand for carbon offsetting and carbon credits is on the rise, several challenges persist. These include ensuring the transparency and effectiveness of offset projects, avoiding greenwashing, and promoting inclusivity in the distribution of benefits from these initiatives.
However, these challenges also present opportunities for innovation and improvement. Technological advancements, increased collaboration between governments and private sectors, and robust monitoring mechanisms can enhance the credibility and impact of carbon-offsetting projects.
Conclusion:
The growing demand for carbon offsetting and carbon credits signifies a significant step toward a sustainable future. Creduce, as a leading player in the climate change and carbon asset management sector, remains committed to supporting businesses and organizations in their efforts to reduce carbon emissions. By understanding the significance of carbon offsetting, addressing challenges, and seizing opportunities, society can collectively work towards a greener, more sustainable planet.
