Initiative aims to generate 2 million tons of CO₂ savings by 2030 through vehicle recycling partnerships.
31 Oct 2025 | 1418 Views | By Shristi Ohri
Mumbai-based Meta Materials Circular Markets (MMCM) has introduced India's first circularity-linked carbon credits derived from End-of-Life Vehicles (ELVs), marking a significant development in the country's carbon market landscape. The initiative is projected to achieve cumulative CO₂ savings of 2 million tons by the end of the decade.
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Mumbai-based Meta Materials Circular Markets (MMCM) has introduced India's first circularity-linked carbon credits derived from End-of-Life Vehicles (ELVs), marking a significant development in the country's carbon market landscape. The initiative is projected to achieve cumulative CO₂ savings of 2 million tons by the end of the decade.
Operating under the Cercarbono standard, MMCM's Circularity-Based Carbon Project represents what the company describes as a global-first approach that combines circular economy principles with carbon credit generation. The mechanism links emission reductions directly to material recovery from scrapped vehicles.
The project involves partnerships with over 20 Registered Vehicle Scrapping Facilities (RVSFs) across India, including established players such as Tata Re.Wi.Re and Mahindra CERO. According to MMCM, the initiative has the potential to channel approximately ₹1,000 crores into the RVSF ecosystem through climate finance mechanisms.
MMCM's model differs from conventional carbon offsets by anchoring credits to verifiable circularity data. The company states that for every ton of ELV that undergoes responsible scrapping and recycling, approximately 0.6 tons of CO₂ equivalent savings are generated. The process is tracked through more than 40 digital Monitoring, Reporting, and Verification (dMRV) data points on MMCM's proprietary platform.
Beyond emission reductions, the initiative focuses on recovering valuable materials including steel, aluminium, and plastics, which are then reintegrated into manufacturing supply chains. This approach is positioned to support corporate Scope 3 emissions reduction efforts while simultaneously developing recycled material supply chains.
Nitin Chitkara, CEO of MMCM, stated that the model demonstrates how decarbonisation can occur alongside value creation from recycling. "This model not only supports India's net zero ambitions but also strengthens industrial ecosystems with sustainable resource recovery," he said.
Yashodhan Ramteke, Head of Carbon Business Unit at MMCM, emphasized the initiative's potential to establish India as a significant player in carbon finance by demonstrating the integration of emission savings with circularity principles.
By 2035, MMCM projects the initiative will generate over 200,000 credits annually across its network of more than 100 recycling partners. The company positions this as part of a broader strategy to address automotive waste management while creating economic opportunities within India's circular economy framework.
Meta Materials Circular Markets operates as a circular economy solutions platform focused on the automotive sector, integrating carbon credits, Extended Producer Responsibility (EPR) frameworks, and digital MRV systems.