Industry Leaders Propose Carbon Credit Banks To Drive Sustainable Business In Gujarat

ENA State 2024-10-04 15:11:08 Ahmedabad, Oct 4 (KNN) In a recent seminar on carbon credits as business opportunities, industry leaders in Ahmedabad have called for the establishment of carbon credit banks in the state and across India. The event, organised by the Indo-American Chamber of Commerce (IACC) and the Gujarat University Start-up and Entrepreneurship Council (GUSEC), brought attention to the potential benefits of such institutions for businesses, particularly Micro, Small, and Medium Enterprises (MSMEs). Jaimin Vasa, President, Gujarat Chemical Association, highlighted the role a carbon credit bank could play as a centralised repository for carbon credits. He emphasised that such a bank would facilitate efficient trading and management of credits for businesses of all sizes. Vasa noted that smaller companies often struggle with the intricacies of carbon markets, and a dedicated bank could provide the necessary technical and financial support. The proposed carbon credit banks would offer a stable platform for carbon credit trading, providing the infrastructure needed for businesses to engage effectively with these markets. Vasa suggested that by developing a localised carbon credit ecosystem, Gujarat could position itself at the forefront of sustainable industrial practices. However, the seminar also addressed the challenges faced by MSMEs in participating in carbon markets. These obstacles include market volatility, lack of knowledge, and limited resources. Vasa pointed out that the capital-intensive nature of upgrading technology and retrofitting systems to reduce emissions poses a significant barrier for smaller enterprises. The unpredictable nature of carbon markets was cited as a factor deterring MSMEs from investing in carbon credit systems. The establishment of a carbon credit bank in Gujarat was proposed as an innovative solution to encourage even small enterprises to engage in this market. Experts at the seminar stressed the importance of carbon footprint assessments for MSMEs. They advised that these assessments are crucial for identifying the sources and extent of emissions, which would then allow companies to prioritise investments in cleaner technologies. As discussions around sustainable business practices continue to gain traction, the proposal for carbon credit banks represents a potential step towards integrating environmental considerations into the industrial landscape of Gujarat and India at large. (KNN Bureau) 39490 https://knnindia.co.in/news/newsdetails/state/industry-leaders-propose-carbon-credit-banks-to-drive-sustainable-business-in-gujarat 2024-10-04 15:11:08 knnindia.co.in Industry Leaders Propose Carbon Credit Banks To Drive Sustainable Business In Gujarat