Project addresses need for standardization and data availability in tokenized carbon credits, expanding voluntary carbon offset markets reliably and transparently
NEW YORK--(BUSINESS WIRE)--Filecoin Green announced today the launch of CO2.Storage, the first Web3 data storage solution to enable transparency for comprehensive environmental attributes underlying carbon offsets. This free storage utility aims to address the inefficiencies of traditional storage solutions for all types of digital environmental assets, including carbon offsets, Renewable Energy Credits and others. Filecoin Green is the Protocol Labs initiative to decarbonize the Filecoin Network, an open-source, public cryptocurrency and digital payment system which provides blockchain-based cooperative digital data storage.
The development of responsible digital assets and emissions reductions are priorities for the Biden Administration, and solutions like CO2.Storage improve the environmental impact of Web3 technologies, not only speak to the needs of industry practitioners, but to policy objectives overall.
Too often, data associated with carbon offsets is difficult to access and validate, resulting in low-quality, outdated credits that don’t accurately reflect the emissions mitigation potential of the credit. To trust the quality of carbon credits, users need transparent and verifiable datasets that guarantee the environmental legitimacy of credits for sale. CO2.Storage addresses this issue by enabling carbon credit providers to define their own data schemas, and to store this data through content-addressing on Filecoin and IPFS. This process creates a system of transparency for carbon credits that traditional storage solutions cannot address with Web2 infrastructure.
Filecoin Green is working with a variety of partners dedicated to tokenizing carbon offsets to ensure that their data is transparent and verifiable, including: Toucan, KlimaDAO, Flowcarbon, Moss, dClimate, Hyphen, Nori, Regen Network, BitGreen, Senken, Thallo, Ripple, the HBAR Foundation, Envision Blockchain, Return Protocol, and Gainforest.
“CO2.Storage pushes beyond existing Web2 carbon market infrastructure to increase the verifiability of carbon credits and interoperability between different systems,” says Alan Ransil, PhD, founder of Filecoin Green at Protocol Labs. “By using Web3 tools, Filecoin Green and our partners are laying the foundation for a more transparent, and scalable voluntary carbon market. Together, we’re ushering in the next generation of Regenerative Finance systems that will make environmental efforts as impactful as possible.”
"Flowcarbon is dedicated to improve market efficiency by better connecting corporations, individuals and project developers to incentivize positive climate action through robust carbon markets,” says Flowcarbon co-founder, Phil Fogel. “CO2.Storage will allow us to follow through on this promise, verifying the quality of our credits for transparency across all of our partnerships.”
“dClimate provides tools that are essential in the fight for global climate resilience like accessible, open-source monitoring, reporting, and verification (MRV) technology as well as validated, immutable climate data via its decentralized data network,” said Osho Jha, founding partner, dClimate. “We are proud to work with Filecoin Green to leverage its CO2.Storage solution to make MRV and open-source data tools available to any nature based carbon project anywhere in the world.”
“Filecoin Green’s CO2.Storage solution uplifts our mission to bring carbon credits into a regenerative economy, and use the power of Web3 to take climate action to the next level,” says John Hoopes, co-founder at Toucan. “We believe that blockchains can magnify the impact of existing carbon markets, and we’re excited to work with Filecoin Green to ensure that carbon credits on our Open Climate Registry can be tracked and verified for quality.”
ABOUT FILECOIN GREEN
Filecoin Green is a Protocol Labs initiative to make Filecoin verifiably sustainable while building the world's best tools to measure and reduce environmental impacts. The initiative is spearheading a future of Web3 powered by verifiably clean energy. By marrying blockchain’s granular tracking functionality with the information-sharing infrastructure of Web3, Filecoin Green will incentivize its network to reduce emissions. Starting with decarbonizing the Filecoin Network, the initiative then aims to build open-source tools that quantifiably measure and mitigate emissions generated from crypto-related activity. Beyond the network, Filecoin strives to use these tools to help other blockchains and legacy industries improve their sustainability management and energy use. To learn more about Filecoin Green’s mission, visit green.filecoin.io.