Concordium blockchain reveals a new solution to combat greenwashing with the world’s most data-driven carbon offsets

ZUG, Switzerland, 20 September 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 will be built entirely on the Concordium blockchain, the world’s first science-backed blockchain with a protocol-level ID layer designed with sustainability and governance in mind.

Developed through remote sensing and continuous monitoring, Carbotanix provides one metric ton of CO2 offset while Concordium’s identity framework allows for the first time to trace ID back to the source.

This innovative solution, which combines remotely sensed data with blockchain technology to ensure a new level of trust, was developed to combat greenwashing practices such as double counting of credits, which are essential to achieving net zero emissions. While global carbon markets grew to 272 billion dollars in 2020, they may still need to grow fiftyfold for companies to reach the 2050 goals of net zero greenhouse gas emissions. Concordium’s ID framework guarantees that only verified partners can issue carbon credits and thus scale the market with trust at the center.

In addition, 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.

“The Carbotanix team has, after a thorough market due diligence process, selected Concordium as the right blockchain partner to launch the first-in-class data-validated carbon sequestration devices, which will be the gold standard for carbon credits on the blockchain. The Concordium Team has demonstrated excellence in all aspects of the project development process and we feel comfortable launching the CTX token via the CCD ecosystem,” says Andre Rafnsson, CEO of Carbotanix

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“Sustainability has always been a priority for Concordium, from the Proof of Stake consensus mechanism to the programming language, all our choices always work towards best practice. To be chosen by one of the most data-driven carbon offset on the market is an honor for us,” said Lone Fønss Schrøder, CEO of Concordium.

Consult:
Maria Pelch
[email protected]

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https://news.cision.com/concordium/r/concordium-blockchain-unveils-novel-solution-to-combat-greenwashing-with-the-world-s-most-data-drive,c3633449

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