When looking to make an investment, a variety of things come into question, with one of the most prominent being: how sustainable is it? With this in mind, various players in the cryptocurrency and blockchain industry have taken steps to help the planet through sustainable investments. Two of the latest to make movements are Fight The CO2 and Climate Futures.
Carbon credit market’s accessibility tackled by Fight The CO2
Fight The CO2 is the first green cryptocurrency that aims to revolutionise the carbon credit market by becoming a cryptocurrency associated with green energy and eco-sustainability on the blockchain.
Recent years have seen a dramatic decline in our planet’s health. FCO is not just meant to be a token to invest in but a truly global revolutionary movement that aims to safeguard the planet, token by token.
FCO’s business model is based on the negotiation of carbon credits from their partners. It will enable all companies to participate in this market, a market currently accessible only by large corporations that produce thousands of tons of CO2.
FCO will give all companies, including smaller companies with little capital that generate a smaller amount of carbon credits, the chance to become official partners in the project by purchasing a specific amount of the FCO tokens.
In fact, the purpose of Fight The CO2 is to transform the carbon credit market, considered an elite market, into a democratic one, allowing everyone to enjoy one of the largest wealth transfers in the world.
The creation of the FCO cryptocurrency will be entrusted to Iperborea SA, a Swiss trust company based in Lugano, Switzerland.
FCO is also an ESG (environmental, social and governance) label, which are the three main factors in measuring the sustainability of an investment.
The first strategic partner is Future Springs. It has created the first patented single-serving capsule water mineralisation ecosystem that is able to bring pure water directly into people’s homes. This technology will also be used in third-world countries to help combat water scarcity and quality, working side by side with major humanitarian organisations like Big Beyond.
Future Springs is also working on the development of an innovative and highly efficient desalination system that aims to revolutionise the whole concept of scarcity in the drinking water market. The development of this system will generate huge amounts of carbon credits that will increase the value of the token.
“We focus on the practical aspects versus ideology, it is our strong belief that we can only make a fundamental impact with a tangible business model” emphasises FCO CEO and CTO, Mauro Gazzelli.
Carbon-negative NFTs created by Climate Futures on 1PLANET Marketplace
Climate Futures, a longstanding name in the carbon credit industry, has announced the launch of its ecoNFT Launchpad on Polygon, which leverages the 1PLANET Carbon Credit (1PLCO2) token and the 1PLANET Marketplace to create carbon-negative NFTs.
Through the 1PLANET marketplace, users can calculate their carbon footprint, offset their emissions and choose a climate project to support. Additionally, Climate Future’s ecoNFT Launchpad allows anyone to use the 1PLANET Carbon Credit (1PLCO2) utility token to seamlessly create an NFT or NFT collection that is also a carbon drawdown bot that can be used on any NFT marketplace or game. The platform initiates a carbon drawdown by burning carbon credits every time an NFT is minted or sold. This is an excellent case of using NFTs as a vehicle to build a carbon-negative network.
1PLANET enable companies and people to take climate action by offsetting carbon footprints on-chain between smart contracts. This also allows users to create ecoNFTs for live and online events or create ecoNFT tickets to automatically offset the event’s carbon footprint in a fully auditable and transparent manner.
This initiative comes alongside Polygon’s work to build a climate offset vertical as part of its official sustainability statement. Polygon recently outlined its aims to achieve carbon negative status by 2022 in its “Green Manifesto: A Smart Contract with Planet Earth”, accompanied by a $20million pledge to create a multi-layered, sustainable development strategy to ensure all future products on Polygon remain environmentally friendly.
Now, as it is building a climate offset vertical, Polygon is working with projects to help them mint carbon credits as ERC tokens or NFTs and create carbon credit marketplaces to facilitate the trading of these carbon credits on-chain. Partnering with Climate Futures to launch 1PLANET ecoNFTs is the latest step in this direction.
With blockchains often coming under scrutiny for consuming large amounts of electricity without returning anything to the planet, Climate Futures was the initial company to see the need to create a platform to reduce these large carbon footprints. Drawing from over 20 years of experience working with high-profile governments and carbon trading desks, Climate Futures created 1PLANET to help individuals and enterprises of all sizes to estimate and offset their carbon emissions.
The 1PLANET project was initially started on the Ethereum blockchain, but Ethereum fell short due to high transaction costs and low efficiency. Jesse Uzzell, CEO and founder of Climate Futures, said: “We needed better efficiency and Polygon delivers. Polygon enables new use cases and micro-transactions for our tokenised carbon credits that wouldn’t work well on Ethereum. We also designed our smart contracts to enable automated carbon offsetting between other smart contracts so we can integrate with other Polygon ecosystem projects.
“What makes us different from other crypto carbon initiatives is our deep knowledge of carbon projects and how companies are mitigating their carbon footprint to achieve net-zero. We work with all kinds of organisations, not only blockchain, and we designed 1PLANET to have multiple integration options for crypto projects, e-commerce, logistics, etc. We wanted to emphasise the real utility behind our 1PLANET token (1PLCO2) by showcasing it with our ecoNFT Launchpad dApp during NFT.nyc. Our hope is that NFT projects will choose to enable climate action in their projects by using carbon-negative ecoNFTs.”
Climate Futures announced the new Polygon-based 1PLANET Marketplace at Ultra Music Festival in Miami. As the climate partner of this event, Climate Futures offset the event’s carbon footprint with blockchain technology and created activations onsite to educate attendees about climate action.