Carbon pricing solutions – at a Glance
Companies are increasingly exposed to regulations that price greenhouse gas emissions and Carbon Glance has been set up to help them navigate the complex carbon pricing ecosystem.
As CEO Víctor Pérez Prieto explained, the company graduated from the University of Edinburgh Venture Builder Incubator programme in March 2023. “We are a team of five co-founders with expertise in sustainable finance, climate law, environmental economics, and software engineering. We also have two advisors who are world-renowned experts in carbon pricing.”
One of the firm’s initial products addresses a new regulation, which will come into force in October 2023. The EU’s Carbon Border Adjustment Mechanism (CBAM) seeks to prevent carbon leakage, which occurs when companies based in the EU move carbon-intensive production to countries with less stringent climate policies or EU products get replaced by more carbon-intensive imports. The aim is to increase the environmental effectiveness of the European carbon market. Victor said: “CBAM will start with a transitional period where there are only reporting obligations. Once this period ends, companies will have to start paying for the embedded emissions of imported goods falling under CBAM scope. We plan to launch our CBAM dedicated solution as the new regulation comes into effect.”
Carbon pricing tool
Carbon Glance also offers a carbon pricing tool that will allow companies to estimate the costs associated with their direct and indirect greenhouse gas (GHG) emissions.
Victor added: “Regulations pricing emissions are increasing, and carbon prices are expected to keep growing as governments seek to achieve net zero. Some companies, especially those down the supply chain, are not directly exposed to these regulations, which means it’s hard for them to estimate the costs they might incur. We can help them assess and control this indirect exposure.”
Carbon Glance is among the first to launch a CBAM-dedicated solution and Victor believes the firm has a unique selling point. “There are products that allow companies to measure their emissions. At Carbon Glance, we go beyond carbon accounting by translating those emissions into costs. We want to help firms introduce carbon pricing intelligence into their decision-making processes.”
The start-up’s links with DDI began with its place on the Venture Builder Incubator. “We’ve had support in the form of webinars, workshops, advice and greater visibility,” said Victor. “Being backed by DDI gives us credibility and allows us easier access to new opportunities and university resources, as well as connections to useful partners.”
Reporting positive interest from industry, Victor said: “At the moment we have limited resources and are concentrating our efforts. We know CBAM will affect 1000s of companies, large and small, which makes market validation easier. However, we still have to validate our solution and make sure it is tailor made to the regulatory requirements.”
“It’s exciting to know we can contribute to the climate transition and help companies fulfil their new responsibilities. At the same time, it’s rewarding to be building our own venture and learning from others. Fortunately, our team is strong. We have the knowledge and skills to build a great business in this space.”
Carbon Glance is one of many projects helped by six new data-driven innovation hubs at the University of Edinburgh and Heriot-Watt University, as part of the Edinburgh and South East Scotland City Region Deal.
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