Global warming is a major challenge for the 21st century, pushing companies and citizens to innovate in the environmental field. CarbonAble is offering individuals the chance to support ecological and sustainable decarbonisation projects via NFTs backed by the sale of carbon credits.
In order to fight global warming, a French start-up called CarbonAble has launched several collections of NFTs to boost financial support for environmental projects. To reduce carbon dioxide emissions and achieve carbon neutrality, CarbonAble offers the chance to invest in non-fungible tokens that represent plots of land in natural areas. These “carbon sinks” are like a natural reservoir capable of storing and absorbing greenhouse gases present in the atmosphere.
How do these NFTs help support environmental projects and combat carbon emissions?
By reducing and sequestering these gas emissions, any company can receive carbon credits. The concept of carbon credits was introduced in 1997 by the Kyoto Protocol. The objective of this international agreement was to reduce greenhouse gas emissions to a level that will no longer cause climate change as a result of human activity. This carbon credit takes the form of a certificate that proves that the project has avoided the production of one ton of carbon dioxide. It is through this approach that CarbonAble wants to encourage investment in its NFTs.
Thanks to our amazing #community, we are able to fund our first two decarbonization projects to the tune of $56,936! These projects will absorb 5176 tons of CO2 🌳 Get involved in #decarbonization now and get yield for it 🚀 pic.twitter.com/go4eg8M1xe
— CarbonABLE.io 🌱 (@Carbonable_io) May 16, 2022
Traceability and transparency
The blockchain’s properties of transparency and reliability help ensure trust in the project. Each one of these NFTs have its own set of data directly embedded in the blockchain, with the exact location of the plot or even the characteristics of the land. To enable the investor to ensure that the project is progressing well, the start-up uses satellite imagery and artificial intelligence. In its white paper, the start-up states that all content is on the project’s blockchain, which allows for permanent traceability. Regarding the environmental impact inherent to the production of NFTs, CarbonAble uses the Cosmos protocol, working with a proof-of-stake mechanism, reputed to be less energy-consuming.
Since its launch, CarbonAble has already released two NFT collections. The first, composed of 160 NFTs, supports a reforestation project in Costa Rica, in collaboration with the Corcovado Foundation. Some 8,000 trees will be planted to reforest this area. According to the French start-up’s forecasts, it will be possible to capture no less than 1,851 metric tons of carbon emissions in the next 30 years, the equivalent in carbon emissions of 1.6 million paperback books.
The second NFT collection aims to restore mangrove forests on the island of Colón in Panama with Fundacion Naturaleza. Mangroves are among the most effective carbon-storing natural ecosystems on the planet. Each of the 360 NFTs minted for the occasion represents 500 sq m of land. Both collections, launched in May, have proved successful, with the first selling out in less than two seconds, and the second selling out in minutes.
In addition to playing a part in the fight against global warming, each token allows its holder to receive financial returns from the sale of carbon credits by the start-up. CarbonAble also offers buyers the opportunity to be rewarded with governance tokens for direct participation in certain company decisions.
(This story first appeared in AFP Relax News)
Hero and Featured Image: Courtesy of kazuend/Unsplash