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2024 KCP Application
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Three Wheels United
Org Type
Undesignated
Year Founded
2010
Winner or Finalist
Winner
Project
Company
Financials
Customers & Partnerships
Primary Project Category:
Secondary Project Category:
Carbon Sinks (Natural & Engineered)
Energy
Finance
Social & Cultural Pathways
Transport and Mobility
Project Summary / Description:
The project started by conducting research on what is hindering the autorickshaw drivers from choosing a less polluting option. We identified lack of affordable and accessible finance as the main factor preventing drivers from owning and operating a low carbon vehicle. We then acted as intermediary for banks, managing their portfolios. We then developed innovative financial technology to reduce default rates and de risk financing this market and are now our own NBFC to directly lending to drivers, providing affordable finance and support to drivers so they can own and operate a smart electric auto rickshaw.
Regions of Operations:
Southeast Asia
South Asia
East Asia
Central Asia
Middle East
North America
South America
Eastern Europe
Western Europe
East Africa
North Africa
Southern Africa
Central Africa
Oceania
Caribbean
Other Countries
Best Estimate of GHG Avoidance/Reduction of This Project (Tonnes CO2 Equivalent/Year):
Impact on Underrepresented Groups:
Drivers double their daily income when shifting from renting a vehicle to owning a vehicle. This amounts to over $36k of extra income for drivers over the 15-year life of the vehicle. When shifting from a two or four stroke to an electric vehicle, drivers earn even more due to low operational and maintenance cost of the vehicles (i.e. electricity vs. petrol, no engine to maintain, etc.) This will amount to over $5000 more savings for drivers. We also support women who are seeking to become auto rickshaw drivers by providing them with free driving training and supporting them through the loan process.
Sub-Categories:
Renewables
Nature-based
Agriculture
Methane
Plastics
Built Environment
Energy Efficiency
Restoration
Biodiversity
Energy storage
Rural
Urban
Circular Economy
Oceans
Forests
Waste
Carbon Removal
Electric Transportation
Cooling Solutions
Technology
Advocacy
Biomass
Conservation
Clean Cooking
Environmental justice
Research or Economic Modeling
Measurement, Reporting & Validation
Communications
Mission Statement:
Three Wheels United‚ mission is to decarbonize the auto rickshaw market, while putting the autorickshaw drivers first. We use technology and finance to solve the problems faced in the auto rickshaw community in order to empower them to own and operate a smart electric vehicle, and use the vehicles‚ IoT technology to integrate them with public transportation. Thus, reducing the CO2 emissions in the world‚ most polluted cities.
Link: Facebook:
http://Threewheelsunited.com
FB: Three Wheels United Twitter: @TWUindia Linkedin: Three Wheels United
