Using the sustainable Cardano Network, GuildOne, a blockchain company, is pioneering carbon credits backed by Validere’s energy data analytics platform.
GuildOne Inc. (GuildOne) is pleased to announce the company has incorporated its first series of voluntary carbon credits as digital tokens on the Cardano network. Each token represents a tonne of carbon that is saved from being released into the atmosphere through underground storage.
“Seeing partners like GuildOne build great solutions, and customers across the board in energy, capital markets, oil & gas, and elsewhere develop broader awareness of how to actualize their ESG goals through the adoption of blockchain technology is exciting.”
GuildOne’s sustainability division, ESG1, brought together a network of technology and energy partners including, leading data analytics SaaS provider Validere, Amazon Web Services (AWS), and an energy company which generated the credits through a Carbon Capture, Utilization, and Storage (CCUS) project at a facility in Alberta.
The vision behind ESG1’s initial project was a technological solution to the challenges facing the rapidly growing voluntary carbon credit market, predicted by former Bank of England Governor Mark Carney to reach $100 billion by 2030, including widespread fraudulent and misrepresented credits.
ESG1’s tokens include the carbon’s proof-of-origin, verified measurement and analysis using Validere’s commodity data cloud, and attestations certifying the data. The automated process reduces the high costs of manual data capture and verification, making trusted credits economically viable at scale.
“Achieving meaningful environmental progress requires collaboration amongst multiple stakeholders. This combination of data analytics technology, energy industry expertise, and blockchain to measure and sequester carbon is a great example. We believe coming emissions goals will create increasing demand for solutions that ensure validation and audit trails,” said Zach DeWitt, a Partner at Wing VC and Validere investor.
Carbon credits from CCUS are expected to be a major contributor to global efforts to fund the $90 trillion in sustainable infrastructure required by 2030 to support decarbonization, according to the World Bank, and the credit market is a key priority at November’s COP26 UN Climate Change Conference.
“Tokenized carbon credits, offsets, and renewables may prove to be the pinnacle non-fungible token (NFT) of our lifetime,” said Anoop Nannra, Global Blockchain Leader at AWS. “Seeing partners like GuildOne build great solutions, and customers across the board in energy, capital markets, oil & gas, and elsewhere develop broader awareness of how to actualize their ESG goals through the adoption of blockchain technology is exciting.”
According to GuildOne CEO James Graham, the low carbon intensity of the Cardano platform and its native asset and smart contracts functionalities were key to the company’s decision to use it for the initial credit launch.
“We have an incredible ecosystem committed to building solutions that can help bridge the global gap in climate finance, and Cardano’s commitment to sustainability made it our leading choice for a public blockchain platform,” he said. “We’re excited to continue our work on Cardano and also develop new interoperability with R3’s Corda, our private blockchain network partner.”
The next stage of GuildOne’s ESG1 initiative includes data registration on Corda linked to Cardano token issuances and to settling token transactions as native assets on the Corda network. The company is also developing projects to issue forestry backed ESG credits that support Indigenous environmental reconciliation in Canada.
View GuildOne’s carbon credits on the Cardano network:
https://pool.pm/addr1vxndwmq04hrgyh0asguvmagldkjph7w7zl25yc322ywsqfqswaavs
About GuildOne Inc.
GuildOne leverages the power of advanced blockchain infrastructure and applications to build innovative digital assets and ESG solutions. Working with partners including R3 and AWS, the company’s pioneering smart contract technologies and secure networks are transforming how business transacts, shares data and creates value. Uniting product intelligence with blockchain traceability and digital assets, GuildOne is developing the automated foundation for the next generation of verified carbon credits.
Originally published here
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
