Amit Madaan, Founder & CEO of Pi Carbon Credits (PiCC) explains how the company serves as a central facilitator, fostering a collaborative ecosystem within the built environment
What is the problem that your company is solving and why is it important to do so?
The Built Environment (Buildings & Infrastructure) is responsible for 37% of greenhouse gas (GHG) emissions in the climate. Due to fragmented and scattered building emission data, the complicated data validation and accreditation process by UN-authorized authorities like VERRA and Gold Standard, and the lack of incentives for reducing emissions, building owners and related stakeholders have faced significant challenges.
Pi Carbon Credits’ unique value proposition lies in its ability to address these challenges. By integrating blockchain technology, we have created a platform that automates the entire system, streamlining data collection, verification, and accreditation. This not only simplifies the process for building owners but also provides them with incentives to reduce GHG emissions in their buildings.
What technology/innovation are you bringing to this field?
We are implementing blockchain technology throughout the entire process. By integrating with Building Management Systems (BMS) or Computer-Aided Facilities Management software (CAFM), we collect data via APIs. This data is then analyzed using AI-powered pre-verification, based on VERRA methodologies and checklists.
Once verified, we submit reports and supporting documents to VERRA for carbon credit certification. Upon receiving the certificates, we facilitate the trading of carbon credits on local and global exchanges. The earnings from these trades are distributed to building owners. This entire process operates on blockchain, ensuring transparency and preventing tampering.
Amit Madaan, Founder & CEO of PiCC.
What stage of commercialization are you at? Who are your backers?
We are currently raising funds to develop our blockchain software. Fortunately, we have received strong support from government authorities such as the Dubai Supreme Council of Energy, Dubai Land Department etc.
Additionally, we are actively seeking support from DEWA & the UAE Ministry of Climate Change and Environment, who are working on the UAE Cabinet on passing the carbon credit market legislation by December 28, 2024.
Although we are currently bootstrapping, the invaluable support from these government entities has been instrumental in keeping our momentum going.
How does your product or service contribute to environmental sustainability?
PiCC’s solution incentivizes carbon emission reduction in the built environment by rewarding those who implement energy-efficient methodologies. By adopting global standards in facilities management, maintenance, IoT, and retrofitting, building owners can significantly reduce their carbon footprint and extend the lifespan of their assets.
What are the key challenges that you face?
Government authorities are often the primary source of building energy consumption data. However, reaching and collaborating with these departments can be challenging in any country.
While the carbon market can be led by various stakeholders, government involvement is crucial for creating a conducive environment and providing necessary support. The UAE government’s proactive stance on sustainability and climate action positions it as a leader in this field, setting an example for other countries.
What do you need to overcome them?
To foster wider adoption of carbon emission reduction strategies, it’s essential to raise awareness about the potential financial benefits beyond utility bill savings.
