Session 3:

?? Leveraging India's Position in the International Voluntary Carbon Market (VCM): Ensuring Transparency and High Integrity ??

The third session on the National workshop on carbon markets organized by the Ministry of New and Renewable Energy (MNRE) on 25th July 2024 delved into importance of voluntary carbon markets (VCM) as a crucial tool for decarbonization and exploring opportunities for corporations to leverage VCM for the adoption of green hydrogen and carbon-neutral technologies and processes. Carbon Markets Association of India was the knowledge partner for this session. Here's a snapshot of the key takeaways across different discussion themes moderated by Mr. Manish Dabkara, President, Carbon Markets Association of India:

1. The need for new technologies to support India's Carbon Credit Trading Scheme (CCTS): Mr Ashok Kumar, Regional Representative, Verra, highlighted the importance of considering new technologies to support India's Carbon Credit Trading Scheme (CCTS). Further, he emphasized that emerging areas such as green hydrogen, battery storage, transportation, blue carbon, and mangroves are being explored.

2. Need for establishing rigorous standards for carbon credit claims: Ms Bianca Gichangi, Regional Lead - Africa, VCMI highlighted the significance of establishing rigorous standards for carbon credit claims, it mitigates risks for businesses, enhances market access, attracts investments, and catalyzes innovation. By establishing clear and rigorous criteria for carbon credit claims, VCMI helps prevent misleading or inflated claims, restoring trust in the carbon market. This, in turn, protects India's reputation and attracts genuine investments in sustainable projects.

3. Significance of nature-based solutions and community-based solutions: Mr Lokesh Chandra Dube, Senior Manager, Gold Standard highlighted that Gold Standard has a strong focus on community-based initiatives, particularly in forestry and agriculture. It is developing a new activities module that will introduce emission intensity criteria and promote reduced fertilizer use. The organization is also expanding its focus to include blue carbon projects, such as mangroves, and is emphasizing the importance of both adaptation and mitigation strategies.

4. Enhancing credibility and integrity in carbon markets: Mr Anton Tsvetov, Associate Director (Policy), ICVCM, highlighted that adhering to ICVCM Core Carbon Principles can significantly benefit India's voluntary carbon market by enhancing its credibility and integrity. This, in turn, can boost investor confidence, attract more buyers, and increase the value of carbon credits. For community-based projects, this can ensure that projects deliver genuine environmental benefits, promote social equity, and safeguard the rights of local communities.

Together, these discussions set a clear path forward for India to harness the VCM's potential, ensuring a robust, transparent, and impactful carbon market.

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