This article will explain what this means and why this is groundbreaking news for the fight against climate change.
Carbify is a company focused on reducing carbon emissions using a highly disruptive working method. The company combines NFTs, tokenized assets and gaming to reduce carbon emissions, offer food security for the underprivileged, and increase social impact for local communities in the Amazon rainforest.
The global carbon standard (GCS) has been developed with a team of senior ecologists and data scientists to establish the company as a trustworthy authority. The GCS was approved as an official carbon standard on 3 May 2023 by the ESPL (Earthood) and UNFCCC.
WHAT IS A CARBON STANDARD
A carbon standard is a set of guidelines or regulations establishing a benchmark for measuring and reducing carbon emissions. The GCS is focused on carbon sequestration/carbon absorption. The methodology created by the Carbify team is unique and adds a totally new perspective for ecologists to handle carbon sequestration by plants, trees, shrubs, grasses, and other herbaceous plants. This is based on scientific research and data collected all over the world.
Any company or entity forced or volunteers to offset carbon needs to follow one of the existing carbon standards to validate the methodology as a valid and correct method. Auditing firms like Earthood, EY, KPMG, Deloitte, PwC or Carbify can validate the methodology using the GCS. The Carbify GCS will be used to validate these methodologies. Of course, Carbify is allowed to audit these methodologies using our own GCS as standard. Companies usually contact one of the mentioned audit firms and order them to use a specific carbon standard.
Carbify started this expensive 6-month validation journey because:
– We want to ensure everyone understands we are serious about our actions. No compromises are being made!
– Starting right now, we are eligible as an authority to validate and create tokenized CO2 assets for our clients.
– We will always follow all the strict rules and regulations documented in the GCS.
– We invented the ‘carbon debit’ and wanted to ensure this was documented and audited as ‘the first carbon debit in the world’.
WHAT IS A CARBON DEBIT
Our GCS is entirely different compared to existing carbon standards. We don’t believe in future promises. This means our GCS only allows to reward carbon debits AFTER the CO2 has been absorbed. This strategy guarantees that Carbify’s customers generate a tangible impact by planting trees that remove CO2 from the atmosphere rather than relying on untested technologies or vague commitments.
– Loan from mother nature isn’t sustainable: Carbon credits can be rewarded for up to 25 years in advance.
– Lack of accountability: It can be challenging to verify that carbon credits are actually resulting in emissions reductions. There have been fraud and double-counting cases where the same carbon credit is sold to multiple buyers.
– Social and environmental impacts: Some carbon offset projects, such as large-scale tree planting or renewable energy projects, can negatively impact local communities and ecosystems. For example, monoculture tree plantations can displace indigenous communities and destroy biodiversity.
– The debits will only be paid out after the CO2 has been absorbed.
– Verification using blockchain technology ensures a fully transparent way of measurable emission reductions. This is superior to carbon credits.
– Carbify and the GCS will support local communities and existing bio-diversity.
Our $aCO2 tokens are carbon debits. The $aCO2 is fully compliant with the global carbon standard.
All planted trees are tagged by adding a geo-location to the NFTs bound to the actual tree. The entire history regarding the CO2 claimed/burned for each and every specific tree and/or project is available for everyone to see. The data is immutable and thus can be trusted, as tampering with this data is impossible. Based on the data stored on-chain, Carbify offers a data API for companies willing to offset their carbon emissions. Blockchain offers trust, accountability and transparency.
NEW REVENUE STREAMS
The Global Carbon Standard allows us to create a new revenue stream for companies who are looking for:
- Certification of their methodology
- Approved by the GCS
- Tokenizing carbon-related assets under the umbrella of the GCS.
- Consultation services for developing customized data and ecology trajectories or tailor-made programs.
We are pleased to announce we are working on a project for a Canadian company creating a new CO2-based token based on their own methodology. They will be using the GCS as the carbon standard.
Part of the services listed above will be paid using $CBY tokens. Carbify will handle this when the company needs to learn how to proceed with this. These ‘buybacks’ will result in regular ‘market buys’ and $CBY token burns.
Carbify has already started planting 250,000 trees annually, assisting over 100 families and communities in the Amazon, providing food security for 10,000 people, and reforesting an area of 1.25 million square meters. By providing carbon debits to companies, Carbify enables them to offset their carbon emissions while also contributing to reforestation projects while making a positive social impact and improving food security in the area.
Carbify offers games with integrated microtransactions based on CO2 tokens to increase the impact. Players automatically offset their own carbon emissions without them even knowing. The company can now reach specific target groups who would not have been engaged in offsetting emissions otherwise.
Are you just as positive as we are? Join us in our efforts! Contribute, Compensate or learn more about our project.
Carbify Greenpaper: https://docs.carbify.io/