Non-fungible tokens and a new carbon exchange in the UK are set to contribute to the planting of 1 billion trees during the next 10 years to help offset carbon.
A prominent driver in carbon sequestration operations, SavePlanetEarth (SPE), is to set up its own carbon credit exchange.
Not only will the exchange be carbon negative, but it will also allow the organisation to sell carbon credits in the form of rigorously certified non-fungible tokens (NFTs). Profit generated from these carbon credits will be used to fund more carbon sequestration initiatives, helping to make SavePlanetEarth financially self-sustaining.
“The blockchain makes everything transparently verifiable for everybody involved, which is an excellent feature for regulators and our investors alike,” says company director, Imran Ali, explaining the initiative.
“Our ultimate plan with the $SPE token, other than carbon offsets, is for it to be the currency of the carbon exchange we’re developing, where individuals and organisations alike, will be able to use our token to buy carbon credits off of us and other companies that choose to exchange their carbon credits on our market.”
$SPE has already been approved by several carbon-credit certification bodies and received a 100-per-cent score in an audit last month by cryptocurrency auditor Certik.
In its first four months, SavePlanetEarth has already achieved several milestones, including signing tree planting and protecting contracts for 1 million trees in the Maldives and 100 million trees in Sri Lanka, in partnership with their governments and various NGOs.
The organisation has also launched beach-cleaning, recycling and solar initiatives and is researching projects in hydropower, wind power, clean cookers, gas-leak reduction, landfill work and more tree planting programs.
“101 million trees is just the beginning,” said Ali.
SavePlanetEarth’s goal is to help reduce carbon emissions globally through reforestation, renewable energy production, cleaning the environment, and marine management – all with the assistance of governments, international aid organisations, and the public.
The company is also developing an application that uses satellite technology, geospatial algorithms, and AI to monitor green canopy cover (an indicator of tree health and carbon sequestered) in locations where SPE sequestration projects occur.
SavePlanetEarth was founded in April 2021 by Imran Ali to combat environmental pollution using a sustainable model which uses blockchain technology.
- Main image: @kiki79 via Twenty20.
