The proposed ONCM, developed in a strategic partnership with Networks for Humanity (NFH), is engineered to dismantle the fundamental barriers currently stifling India’s integration into global carbon markets. This digital infrastructure specifically targets the mitigation of fragmented registries, cross-border trading constraints, pricing opacity, and non-standard monitoring-review-verification (MRV) processes. By building an open digital framework, the ONCM facilitates the seamless trading of carbon credits across international borders while rigorously preserving the agency, autonomy, and data sovereignty of all participants.
In a move to democratize environmental finance, the network is designed to extend market access to the grassroots level, enabling even the farmer with the smallest holding to monetize farm assets as carbon credits. Through simple voice commands on ubiquitous platforms such as WhatsApp, these small-scale contributors can onboard and transact with ease. Simultaneously, global buyers are provided a framework of trust through interoperable, programmable authentication, robust audit mechanisms, and transparent pricing.
During the opening of the session, Prof. R Srinivasan, Chairperson of CDPG, emphasized the critical necessity for an interoperable open network that empowers Indian industry, farmers, and micro-entrepreneurs to leverage global market power. Sujith Nair, Co-founder of Beckn and Networks for Humanity (NFH), drew parallels to early internet and telecom protocols, demonstrating how open protocol thinking has already revolutionized sectors through Namma Yatri for mobility, ONDC for commerce, and the Digital Energy Grid. He characterized these protocols as "digital plumbing" that allows diverse applications to flourish on a unified foundation. Ms. Chaitrali Bhoi, the ONCM project lead, further articulated the vision by detailing the specific challenges currently plaguing carbon markets.
The technical and regulatory architecture of the ONCM was meticulously deliberated across four specialized working groups focused on market mechanisms and regulatory frameworks, technology enablers, supply-side actors, and demand-side actors. These experts debated rigorous design requirements and technical feasibility, ultimately reaching a consensus to initiate pilot projects. The roundtable concluded with a comprehensive synthesis of the design and formal commitments from participating experts to execute these pilot implementations.
Prominent participants driving this initiative included Ms. Praveena Rai, CEO of MCX; Dr. K Ravichandran, Director of IIFM Bhopal; Ms. Komal Shah of SML Ltd.; and Dr. Ch. Sudhakar Reddy from NRSC/ISRO. They were joined by leaders from NFH, IIMB, NLSIU, and representatives from major organizations including Tata Consultancy Services, RenewCred, PhonePe, and Tata Motors. This collective effort marks a significant milestone in establishing a transparent, inclusive, and technologically advanced carbon credit ecosystem for India.
About The Author
Comment List