As India strides forward to meet its net-zero emissions goal by 2070, the spotlight falls on the Indian Carbon Market (ICM), an initiative aimed at assigning tangible value to greenhouse gas emissions through tradable carbon credit certificates. The Indian government, in June, established a committee to oversee the nation's carbon market, ensuring fairness in the issuance and trading of carbon credits that signify greenhouse gas emission reductions.

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One key revelation by R K Singh, Minister of Power and New & Renewable Energy, further fuels optimism within the market. He announced that surplus compliance carbon credits from India can now be exported, offering fresh opportunities as the carbon market stabilises. Nevertheless, amid the promise of the carbon market, a significant challenge emerges—a need for greater clarity and understanding of the complex regulatory protocols governing carbon credits to encourage wider private sector engagement.

EKI Energy Services Limited (EKIESL), a player in this domain, holds a substantial market presence in carbon credit trading and advisory services. As of March 2022, the company boasted more than 1,000 projects and over 200 million offsets in its portfolio.

Manish Dabkara, Chairman & MD of EKI Energy Services and President of the Carbon Markets Association of India (CMAI), stated, "There will be a strong influx of climate finance in the country. India will seek links to international registries and enlist international verifiers to create a compliance-cum-voluntary market framework over the next six months. We recently formed the Carbon Markets Association of India with industry experts to support the development of the National Emissions Trading System (ETS) and a robust Domestic Carbon Market."

Established in 2008, EKI Energy Services said it currently leads the industry domestically and commands 15 percent of the global voluntary carbon credit market.

Dabkara further elaborated, "In March this year, we won a tender from Kochi Metro Rail Limited to provide assistance and consulting services for validation, registration, verification, issuance, and trading of carbon credits projects."

EKI Energy Services has a history of pioneering climate change initiatives in India, including launching the first plastic project from India with Verra, a global accreditation standard based in the USA. In a recent development, they launched India's first climate edtech and climate finance marketplace, providing a platform for individuals and businesses to learn about climate change and invest in climate-friendly projects.

First Published:Sept 7, 2023 6:33 PM IST