Concordium blockchain unveils novel solution to combat greenwashing with the world’s most data-driven carbon offsetsbit2main
ZUG, Switzerland, Sept. 20, 2022 /PRNewswire/ — Concordium is proud to raise the bar for carbon credits and announce a partnership with Carbotanix (CTX), one of the most data-driven carbon offsets on the market.
In an effort to restore trust in the offset process by making it data driven and transparent, Carbotanix’s carbon offset token is going to be built entirely on the Concordium blockchain, the world’s first, science-backed blockchain with an ID-layer at the protocol level designed with sustainability and governance in mind.
Developed through remote sensing and continuous monitoring, Carbotanix provides one metric tonne of CO2 offset while Concordium’s identity framework makes it possible for the first time to trace ID back to the source.
This innovative solution, which combines remote sensed data with blockchain technology to ensure a new level of trust, was devised to combat greenwashing practices like double-counted credits, which is essential to achieving net-zero emissions. While global carbon markets grew to $272 billion in 2020, they may still need to grow fiftyfold for companies to meet 2050 net-zero greenhouse gas emissions goals. Concordium’s ID framework guarantees that only verified partners can issue carbon credits thus scaling the market with trust at the very centre.
Additionally, Carbotanix ensures a fair distribution of profits, with 51% staying with the beneficial landowner partner and 20% being reinvested back into reforestation, eco-restoration and expansion.
“Carbotanix team has, after a thorough market due diligence process, chosen Concordium as the right blockchain partner, in order to launch the first in class data validated carbon sequestration units, that will be the golden standard of carbon credits on the blockchain. The Concordium Team has shown excellence in all aspects of the project development process and we feel comfortable to launch the CTX token via the CCD ecosystem,” says Andre Rafnsson, CEO at Carbotanix
“Sustainability has always been a priority for Concordium, from the Proof of Stake consensus mechanism to the programming language, all our choices are always working towards the best practices. Being chosen by one of the most data driven carbon offset on the market is an honour for us,” said Lone Fønss Schrøder, CEO of Concordium.
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