Shidan Gouran, co-founder of Bluesphere Carbon based in the city of New York, is a leading expert in the global carbon credit market. In an exclusive interview with Groundreport.in, he shared his insights on the potential for growth and development of the carbon credit market in India.
During the interview, Shidan discussed the challenges and opportunities facing the market, as well as the role that India can play in promoting sustainable development through carbon reduction initiatives.
He also emphasized the role that India can play in this market, given its vast potential for renewable energy generation and its commitment to achieving a low-carbon future.
Shidan shared his views on the various policy and regulatory measures that are necessary to promote the growth of the carbon credit market in India, including the need for a robust legal framework, standardized measurement and reporting systems, and greater public awareness and participation.
During the interview, he answered questions from our environment Journalist, Wahid Bhat. Here are some excerpts from the interview:
Q: Could you share with us the story of how Bluesphere Carbon came to be? What inspired you to create a company that focuses on reducing greenhouse gas emissions and promoting sustainable development?
A: My partner Eddie Soleymani and I initially planned to establish a cleantech fund. However, we soon realized that the most pressing challenges in the environmental sector were financial and social in nature. Given our backgrounds in tech startups and capital markets, we concluded that our expertise would be better utilized in developing fintech solutions to address the climate crisis and financing carbon projects through our extensive deal flow network.
Q: Bluesphere Carbon has a presence in several countries, including the United States, Israel, and Europe. Could you discuss how your work in different regions differs in terms of regulatory environment, market demand, and cultural factors?
A: Each region we operate in presents its unique challenges and opportunities. For example, our latest joint venture, Malay Carbon Corp., focuses on Carbon Capture and Storage (CCS) in Malaysia and Southeast Asia. The region’s favorable geology and central location compared to major Asian ports make Southeast Asia, especially Malaysia, a potential hub for CCS. Different regulatory environments, market demands, and cultural factors shape our approach and strategies in each region.
Carbon offsets have emerged as the most rapidly growing asset class in recent years, and they are expected to remain a permanent fixture in the market. The carbon offsets generated through capturing and storing pollutants from the energy industry, as well as through direct air capture, are crucial components of this market. They represent the most practical means of achieving a balanced carbon cycle on Earth and meeting the climate goals established by the IPCC.
Q: How do you stay up-to-date with the latest trends and developments in the carbon emissions reduction industry, and how does Bluesphere Carbon use this knowledge to inform its work?
A: To stay current, we rely on a combination of external sources and our in-house expertise. As a prime broker and market maker in the carbon offset space, we possess a wealth of information that our analysts and developers leverage for market intelligence. This knowledge enables us to adapt and refine our strategies to better serve our clients and promote sustainable practices.
Q: How has the India carbon credit market evolved over the years, and what are its current trends and challenges?
A: The India carbon credit market has undergone significant changes since its inception, with increasing participation from businesses and investors. The market has expanded, driven by the country’s commitment to reducing emissions and meeting its sustainable development goals. However, challenges remain, such as the need for more robust regulatory frameworks and greater transparency to ensure the effectiveness of carbon reduction projects.
Q: How can businesses and investors tap into the opportunities presented by the Indian carbon credit market, and what are the risks associated with this market?
A: Businesses and investors can capitalize on the Indian carbon credit market by participating in carbon offset projects, trading carbon credits, or investing in companies that develop and implement such projects. However, risks include regulatory uncertainties, market fluctuations, and potential issues with the verification and effectiveness of carbon reduction initiatives.
Q: How can India’s carbon credit market contribute to India’s sustainable development goals, and what role can international collaboration play in this regard?
A: The India carbon credit market can directly support the country’s sustainable development goals by incentivizing businesses to reduce their emissions and promoting investment in clean technologies. International collaboration can further enhance these efforts through knowledge sharing, technology transfer, and joint initiatives to advance global climate goals.
Q: What do you see as the most important priorities for the global community in terms of reducing carbon emissions and promoting sustainable development?
A: The most crucial priorities for the global community include accelerating the transition to renewable energy, fostering innovation in clean technologies, enhancing energy efficiency, and promoting sustainable land-use practices. Additionally, international collaboration and the effective implementation of policies and regulations are vital for driving meaningful progress toward a more sustainable future.
Shidan Gouran’s insights on the global carbon credit market and its potential in India provide valuable perspectives on the challenges and opportunities ahead. As we look to address the urgent issues of climate change and sustainable development, it is clear that a robust carbon credit market can play a crucial role in incentivizing emissions reductions and promoting clean technologies.
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