PHILADELPHIA, Pennsylvania -- CityRyde has submitted the methodology behind its new Inspire software to the Voluntary Carbon Standard (VCS) Program for approval. Inspire is designed to offer additional revenue streams to bicycle-sharing programs through the use of carbon offset credits. It is first methodology explicitly designed for sustainable transportation to be submitted to the program.
"The Inspire software represents an entirely new way of generating cash flow for bike-sharing projects," said Jason Meinzer, COO and co-founder of CityRyde. "Furthermore, the methodology behind it is scalable to uses beyond bike sharing, and we look forward to developing it further in the interest of bringing funding to more sustainable transportation projects."
With Inspire, bike shares can track, certify and monetize carbon offset credits gained through the use of shared bicycles, adding a crucial new revenue stream to a budding industry. Although there are hundreds of bike shares worldwide, they are just now beginning to move into the mainstream in the United States. New York is the latest big city to commit to bike sharing, as it has recently issued a request for proposals for a bike sharing implementation that is projected to grow to 50,000 bicycles. Once it receives VCS approval, carbon credits gained through Inspire could bring in more than $1 million per year for a bike share of that size.
CityRyde developed the methodology behind Inspire in consultation with Dr. Jurg Grutter, an internationally recognized leader in matching transportation projects with carbon funding. His company, Grutter Consulting, developed the methodology that allowed the TransMilenio bus transit system in Bogota, Colombia, to generate and sell carbon credits.
With more than 35 percent of greenhouse emissions in the United States coming directly from transportation, it has become increasingly important for commuters to recognize and reduce their carbon footprints. Since its founding in 2007, CityRyde has worked to implement bike sharing both in the U.S. and abroad with the goal of reducing vehicle miles traveled - thus reducing carbon emissions as well.