Solar, wind power leading the way in renewable energy industry’s expansion: Creduce founder

The renewable energy revolution is gathering steam, with solar and wind leading the charge. In an exclusive interview with Bizz Buzz, Shailendra Singh Rao, Founder of Creduce, India's leading climate change and carbon asset management provider, delves into the exciting world of sustainable finance, emerging technologies like energy storage and smart grids, and Creduce's pioneering role in driving carbon neutrality

What are the industry trends and emerging technologies in renewable energy and climate change mitigation?

Solar and wind power are leading the way in the renewable energy industry's rapid expansion.

Emerging technologies, including energy storage, intelligent grids, and carbon capture and storage, are being developed to combat climate change. Governments across the globe are investing in renewable energy and climate change mitigation, thereby creating new business and investment opportunities.

Energy storage: This technology enables the storage of excess renewable energy for later use, making renewable energy more reliable and affordable.

Smart grids: These grids use digital technology to increase the electricity grid's efficiency and dependability, making it easier to integrate renewable energy sources.

Carbon capture & storage: This technology prevents carbon dioxide emissions from power plants and other industrial facilities from entering the atmosphere by capturing and storing them.

These are only a few of the numerous emerging technologies being developed to combat climate change. As these technologies continue to advance, they have the potential to make a substantial contribution to the fight against climate change.

Why is there a shift towards sustainable finance and impact investing in climate change mitigation projects?

Bharat adopts sustainable finance and climate change impact investing in the form of sustainable finance and impact investing. These are promoted by several Indian government policies. SEBI's 2022 responsible investing guidelines require mutual funds to disclose ESG factors.

Sustainable finance and impact investing are growing in Bharat. Rising awareness of climate change and other sustainability issues and a desire to invest in socially beneficial companies are driving this. Bharat needs energy efficiency, green infrastructure, and sustainable agriculture investments with a large and growing renewable energy sector. The NSE launched the Sustainable Finance Index in 2023 to track sustainable development leaders.

Do you think that there is evolving regulatory frameworks and policy initiatives promoting carbon reduction and sustainability?

Changing regulatory frameworks and policy initiatives play a crucial role in advancing carbon reduction and sustainability. Global governments are implementing a variety of measures, including:

Carbon pricing: Carbon pricing mechanisms, such as carbon taxes and cap-and-trade systems, put a price on carbon emissions, which provides an incentive for businesses and individuals to reduce emissions.

Sustainable energy goals: Targets for renewable energy mandate that a certain proportion of electricity generation come from renewable sources, such as solar and wind power. Energy efficiency standards appliances and other products must meet certain energy efficiency requirements in order to meet energy efficiency standards.

Environmental reporting requirements: Companies are required by sustainability reporting requirements to disclose their environmental, social, and governance (ESG) performance.

These and other measures contribute to the reduction of carbon emissions and advancement of sustainability. For instance, the Emissions Trading System (ETS) of the European Union, the largest carbon market in the world, has helped to reduce emissions from power plants and other industrial facilities. And renewable energy targets have contributed to the expansion of the renewable energy industry.

To achieve the global goal of net zero emissions by 2050, it is essential that regulatory frameworks and policy initiatives evolve. Governments can contribute to the creation of a more sustainable future by pricing carbon, supporting renewable energy, and promoting energy efficiency.

Please tell me about the role being played by Creduce in the mission?

Creduce, founded in 2012 by Shailendra Singh Rao and Vishwaj Singh Rao in Ahmedabad, is India's leading provider of climate change and carbon asset management services. Creduce provides services that enable individuals and businesses to live a 'carbon conscious' lifestyle, a concept that is aggressively redefining how we live and utilize the earth and its resources. Creduce aspires to become the world's leading climate change mitigation and business services provider originating from India.

The business provides carbon offset & trading and footprint & neutrality services. Under Plastic Solutions, the company provides plastic consulting services for plastic footprinting by assessing regionally the risks of plastic pollution. With impact credits from small-scale farmers, Creduce also aims to dominate the nature-based solutions space.

What is the USP of the company?

We are Bharat based, Bharat nurtured climate change firm that understands the urgency and need for offsets. We offer multi-level solutions ranging from sequestration to trading all at one location.

What are the challenges faced by the company?

Slow understanding of the carbon space among the major players and late decisive action amongst the government entities. There is still a lot to be done at the policy level for the carbon market in India to rise and lead the world. There has to be an aggressive sense of urgency among the stakeholders too. That is missing at present.

Besides that, the challenges of ethics posed by the competitors hits the carbon industry overall. We need to ensure that all climate change firms in the country are ethical and word-bound to perform. Else this fledgling industry will crash upon take off. It is the moral responsibilities of all firms to ensure that we do the right thing.

What are the expansion and future plans of the company?

We intend to go aggressive in nature-based carbon solutions. We also intend to offer more clarity and platforms for international buyers so that they can buy carbon credits that can be traced back and have social impacts. We are also actively seeking to offer solutions to all government undertakings to help them accrue the benefits of Carbon Credits for their projects together with other alternatives too.

Why do you think that there was need for immediate awareness towards Creduce and its offerings?

Well, the need is as urgent as the Climate Change itself. If we are to battle the climate crisis, need for creating an awareness of firms like Creduce is urgent. We need more such firms to be created and an entire eco-system that teaches and preaches carbon neutral livelihood is the need of the hour.

Creduce launched World's First Super Sustainable Blockchain Token "KICHEE". Please explain.

KICHEE is Bharat’s First Super Sustainable Blockchain token, brainchild of Creduce Technologies Private Limited (CTPL). KICHEE’s aim is to be a Crypto Instrument enabling individuals and businesses to smoothly adopt a carbon neutral investment

Each KICHEE Token represents 100 kgs of CO2 or equivalent averted emission in a given year. It is backed on a 1:10 basis by a certified carbon credit. KICHEE will be linked to audited CO2 reduction projects such as Renewable Energy, Water Credits, Methane avoidance, Plastic Recycling etc. Every token minted is audited by the authorized Blockchain Auditor.

How Creduce creates the largest portfolio of carbon credits trading?

Staying consistent and connected with the Climate Change eco-system of the world. We have been in existence since the time Climate change was not seriously considered. Besides, we have also tapped a lot of Governmental resources helping them with a variety of options to accrue carbon credits.