CNet0 enables organisations to sell carbon offsets and keep an accurate record of reduced emissions by storing the offsets as NFTs, furthering Nash fintechX’s efforts to bring transparency in achieving climate goals.
Analysts at Morgan Stanley have predicted the carbon offset market size to be $35B by 2030, which implies exponential growth with a compound annual growth rate of 36%. In this scenario, the yearly CO2 removal would need to double by 2030, to ensure that the goal of net zero by 2050 is realized in accordance with the Paris Climate Accords.
Nash fintechX, a software development company based in Luxembourg, has launched an innovative carbon offset marketplace: CNet0. The marketplace connects organisations with verified sustainability projects and individuals/ corporates, who want to contribute to lowering greenhouse gas (GHG) emissions.
CNet0 is a pioneer in the Climate Tech domain in making innovative use of distributed ledger technology to store the carbon offset certificates as NFTs on Algorand blockchain.” Dr. Nida Khan, founder and CEO of Nash fintechX
She adds: “This has been done to provide an accurate accounting of reduced carbon emissions and transparency. The platform generates a QR code for each created NFT to enable corporates/individuals to share their contribution to making earth green through different channels, where each QR code would lead to the associated NFT on Algorand containing the certificate data.”
A mobile-friendly blockchain wallet
CNet0 enables organisations to create an NFT, once a carbon offset certificate has been issued. The process of creating an NFT is simplified, where storing the carbon offset certificate on the blockchain and its associated information is as easy as attaching a file to an email.
The blockchain wallet being used is mobile-friendly and does not require any downloads or extensions to be used. The wallet is extremely secure, where no data leaves the user’s computer or browser. The wallet is non-custodial and users interact directly with Algorand blockchain, handling their own private keys. The users do not give Nash fintechX access to their blockchain wallet funds. To understand how CNet0 works, it is recommended to watch this video.
Building trust, defining rules and ensuring transparency
The period up to 2030 will be one of controlled chaos as per the analysis of Nash fintechX, which will be marked by an across the board realisation of potential catastrophe that climate change can cause and a broad agreement of the pathway to mitigation.
Dr. Khan says “As more businesses ranging from multinational behemoths to SMEs make commitments on emission reduction, the important question remains as to how these commitments would be met? The big breakthrough solutions are either in technology pilot stage or not economically scalable, so adoption will probably mean losing competitive advantage with respect to the players in emerging economies. This will lead to a lot of fragmented actions, tweaking around and independent, counterintuitive activities. We see it like millions of atoms trying to fit in an enclosed space. What can bring in a semblance of order is the use of technology to build trust, define rules of the game and ensure transparency in this complex environment.”
The use of an integrated technology-driven platform like CNet0, where all the players play according to the defined rules will not only smoothen the transition but will set the pace towards a net zero future.” Dr. Nida Khan, founder and CEO of Nash fintechX
Specifically in case of carbon offsets the ramp-up from a $1B market in 2021 to an estimated $35B market in 2030 will bring about huge challenges with regards to the tracking infrastructure, double counting, quality of offsets and opaque pricing. Utilisation of blockchain as a base will not only lead to complete transparency, security of the offset value chain but may also prove to be more cost effective vs status quo of multiple intermediaries and different silos of national/regional registries.
The climate goals can be realised only through the efforts of all, including individuals, SMEs, corporates and governments. CNet0 has provided an interface where all can connect to share their carbon offset projects, offset their carbon footprint and lower carbon emissions.
CNet0 provides all the relevant details for an organisation and its associated green project, together with the relevant sustainable development goals being targeted. The verification standards being used to validate a green project are also indicated, and KYC is done for each carbon offset seller.
Nash fintechX is expanding its reach to organisations/partners with green projects, kindly get in touch at: email@example.com.