Global warming is driving companies and citizens to innovate in the environmental field. CarbonAble aims to support ecological and sustainable decarbonization projects through an NFT supported by the sale of carbon credits.
To combat global warming, CarbonAble has launched several NFT collections to accelerate financial support for environmental projects. To reduce carbon dioxide emissions and achieve carbon neutrality, the French start-up proposes to invest in these non-fungible tokens that represent plots of land of natural spaces. These “carbon sinks” are a kind of natural reservoir capable of storing and absorbing the greenhouse gases present in the atmosphere.
By reducing and sequestering these gas emissions, any company can receive carbon credits. The notion of carbon credit was introduced in 1997 by the Kyoto Protocol. The goal of this international agreement was to reduce greenhouse gas emissions to a level that would no longer cause climate consequences due to human activity. This carbon credit takes the form of a certificate showing that the project has avoided the production of one tonne of carbon dioxide. It is through this approach that CarbonAble wants to encourage investment in its NFTs.
Traceability and transparency of the project
The qualities of transparency and reliability of the blockchain guarantee trust in the project. Each non-fungible token has its own dataset implanted directly into the blockchain with the exact plot location or terrain features. To allow the investor to guarantee the good performance of the project, the start-up uses satellite images 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 in the production of an NFT, CarbonAble uses the Cosmos protocol working with proof of stake, known to be less energy-intensive.
Two collections have already been launched. The first, consisting of 160 NFTs, supports the reforestation of the Banegas forest in Costa Rica, in collaboration with the Corcovado foundation. To reforest this area 8,000 trees will be planted. According to the forecasts of the French start-up, in the next thirty years it will be possible to capture 1851 tons of carbon emissions, the equivalent in carbon emissions of 1.6 million pounds in a pocket.
The second collection aims to restore mangrove forests on the island of Colón in Panama with the Fundacion Naturaleza. Mangroves are one of the most carbon-storing natural ecosystems on the planet. Each of the 360 NFT coined for the occasion represents 500 m2 of land. These two collections, launched in May, were successful, the first sold out in less than two seconds while the second took a few minutes to run out.
Each token, in addition to participating in the fight against global warming, allows its holder to receive financial returns from the sale of carbon credits by the start-up. CarbonAble also offers to be rewarded in governance tokens for direct participation in certain business decisions.