ICRA Online, a wholly-owned subsidiary of ICRA Ltd., and IDEAcarbon, on Tuesday signed a strategic alliance to enable the carbon credit market in India to gain transparency and facilitate its efficient growth.

Announcing the strategic deal at a conference here, the alliance partners noted that the tie-up “brings to India the facility of establishing best practices and the matchless expertise of IDEAcarbon in assessing risks associated with carbon market instruments along with its understanding of climate change economics.”

IDEAcarbon — the company which instituted ratings of carbon assets and owns ‘The Carbon Rating Agency' — is “a pioneer in creating efficiency measures for the global carbon market,” a joint statement said.

Noting the significance of the alliance, ICRA Vice-Chairman and Group CEO P. K. Choudhury said: “This is a material step for Indian project developers and the carbon market to gain from international best practices and tools that become available to them through our alliance with IDEAcarbon.''

Alongside, Infrastructure Development Finance Company Ltd. (IDFC) also inked a strategic working alliance to encourage the adoption of ratings of environmental assets.

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