Gurugram EV start-up BluSmart has become the first largest EV ride-hailing service in India to secure carbon credit Verra accreditation with its electric vehicles fleet.
BluSmart has got registered under the Verified Carbon Standard program by Verra, a leading global nonprofit standard-setter.
Verra is an international carbon accounting and certification system and widely used to certify carbon offsetting activities. BluSmart has used United Nation approved carbon methodology “Emission reductions by electric and hybrid vehicles” for carbon certification.
All the fleet of BluSmart will generate certified positive climate impacts and will receive the carbon credits for 10 years.
India’s transportation sector contributes about 10% of total national greenhouse gas (GHG) emissions and road transportation contributes about 87% of the total emissions in the sector. BluSmart was founded with the mission to reduce carbon emissions in the transport segment.
Thus, this Verra accreditation is a major milestone for the company and paving way for other young startups working to reduce/remove carbon emissions. BluSmart also displays carbon emission saved by each ride hailer on their phone app. BluSmart has saved 4300+ tonnes of CO2 over 1.8 million rides.
Anmol Singh Jaggi, CEO and co-founder of BluSmart said, “We stand committed to solving for the climate by making mobility clean for everyday travel needs. Verra accreditation helps to achieve and facilitate commitment towards this climate action where we get to quantify, qualify and verify the GHG emission process for our customers and stakeholders. The Ministry of Power has recently notified the Green Open Access Rules, 2022 in which it has reduced the open access transactions limit from 1 MW to 100 kW. This is paving the way for BluSmart to go completely renewable.”
BluSmart is committed to decarbonize mobility in mega cities of India.
The company aims to expand its operations to major metros of India in near future. Recently BluSmart has partnered with a leading OEM of India for 10,000 EVs.
With total funding of $67 million, BluSmart is backed by marquee investors like BP Ventures, Mayfield Fund, Green Frontier capital and more.
Fair Climate Fund India, the carbon consultant for the project, provided technical assistance to do all the carbon estimation and help BluSmart to achieve this feat in record time.
Till date, BluSmart is the first and only project from India which is registered in the voluntary carbon markets from EV ecosystem.