The Voluntary Carbon Markets Integrity Initiative (VCMI) and The Carbon Markets Association of India (CMAI) are working together to accelerate India’s participation in the high-integrity international carbon market.

The partners said they would focus on three key objectives to help empower Indian stakeholders to participate in and benefit from high-integrity international carbon markets.

Firstly, the partnership aims to address barriers to implementation, promoting and enabling an environment for high-integrity VCMs that attract private investment aligned with national and sub-national climate and socioeconomic policy priorities.

Secondly, they hope to enable fair carbon finance flows to India, with levels of climate finance a fraction of where they need to be to avoid the worst effects of climate change. Voluntary carbon markets, the two institutions said, are one of the most direct ways to get private sector finance moving faster to local communities where it is needed on the ground.

Finally, CMAI and VCMI said they would leverage their networks to facilitate the scaling up of high-integrity carbon finance activities across priority sectors in India.

Mark Kenber, executive director at VCMI, said: “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.”

“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,” added Rohit Kumar, secretary general of CMAI.

“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.”