In association with the PHD Chamber of Commerce and Industry (PHDCCI), South Pole organised a dedicated event on Carbon Project Development and Revenue Opportunities in India in New Delhi to share insights and trends on climate project development in South Asia – specifically as it related to financing sustainable technologies and renewable energy projects in India.
The event featured presentations from a wide range of experts working in electric mobility, climate investments, hydrogen, installation and production of biogas, and nature-based solutions (NbS), as well as professionals offering carbon accounting solutions – including Logic Ladder Technologies and Maxbyte Technologies.
Experts agreed that innovative climate technologies and future fuels – like green hydrogen and carbon capture, utilisation, and storage (CCUS) – will require carbon finance in order to be developed and scaled up in a sound way.
"Sustainable technology projects contribute to environmental conservation but they also have a positive social impact. We have successfully implemented more than 56,000 Improvised Clean Cookstove Solutions (ICS) in North East India for rural communities that previously relied on firewood. This initiative has not only resulted in improved health, cost savings, and reduced CO2 emissions – it has also incentivised these communities to adopt cleaner energy solutions. Carbon credits are a means to an end: carbon project development should also entail holistic development of the [benefiting] communities," said Mr Paras Loomba, Founder - Global Himalayan Expedition (GHE).
"Excessive use of chemical fertilisers deteriorates the physical and chemical structure of agriculture soil, increasing the vulnerability of our farming communities to climate change. Going forward, reversing soil degradation by increasing solid organic carbon is essential, as soil has an incredible capacity to hold carbon. Our team has successfully implemented a project in the Sindhudurg district of Maharashtra, India, where existing biogas plants were used to capture and recycle biogas slurry back into the fields, resulting in remarkable outcomes for the farmers. By incorporating these types of projects into carbon reduction strategies, countries like India can improve soil productivity, food security, and the livelihoods of farmers, while also mitigating climate change," said Mr Chandan Gadgil - Honorary Advisor (Renewable Energy), Iresoil AgroTech Private Limited.
"Nature-based solutions such as agroforestry and community-based forest conservation not only function as mitigation tools, but also enhance the ecosystem services thanks to the efforts of local communities. Carbon finance is a critical incentive to sustain these (community) activities and create sustainable livelihoods," said Dr Yogesh Gokhale, Senior Fellow & Area Convener - The Energy and Resources Institute (TERI).
Speakers also concluded that carbon accounting and data collection are an essential part of a credible climate strategy for any responsible business in India.
"Digitisation, collecting data in a central repository, and carbon accounting once a year will become the backbone in analysing any organisation by regulators," said Mr. Mayank Pratap Chauhan, CEO & MD, LogicLadder Technologies.
"An organisation's data collection is the key important factor to analyse. Design, architecture and implementation of systematic data collection will help integrate modern tools," added Mr Ramshankar C S - Chief Executive Officer (CEO); Maxbyte Technologies.
The exclusive roundtable was a first of its kind event hosted by the New Delhi-based South Pole team, which today includes climate investment and project development specialists. South Pole experts shared their insights on regional trends, drawing on nearly two decades of experience of working with businesses, project implementers, SMEs, NGOs & governments across the Indian Subcontinent, Middle East and Central Asia on decarbonisation pathways, climate risks and opportunities, and carbon project development.
Regarding regional project development, South Pole advises and works alongside South Asian project developers and stakeholders on a range of climate projects focused on waste- to-energy, clean drinking water, renewable energy, plastic waste & circularity, and nature-based solutions, among others.
"Carbon development is a complex topic that many Indian stakeholders are not fully aware of in terms of the processes, challenges and benefits involved. The roundtable provided a platform for those stakeholders to address this knowledge gap and join the conversation of the complexities and opportunities associated with carbon project development in India," said Mr. Rohit Garg, Regional Director for Climate Projects in South Asia & Middle East at South Pole.
