Celebrating Earth Day with the First CO2 Tokenized Blockchain Offset System on the Market
We think Earth Day should be every day. The only way we can make a difference is by understanding that our daily actions have a great impact on ourselves and our planet. This is why constant action is key and development and improvement of already existing structures will take us closer to our goal: CO2 offset.
An offset is an accounting mechanism that allows companies and individuals to calculate the impact of their actions on the environment. Since climate change is a problem all over the world, what matters is to contribute to CO2 reduction, being of less importance the place you choose to do so.
The idea behind the participation in CO2 offset programs is precisely this: you can help reduce CO2 where you cannot eliminate producing it in the first place. Air travel is a perfect example: if you cannot avoid traveling by plane altogether, you can participate in CO2 reduction projects involving air travel.
There is always something to do towards a greener, more sustainable future, as many influential voices already pointed out. Choosing wisely the items we buy, the type of energy we use and our alimentation will have a huge impact on the supply and demand market. If users buy more green products, their prices will decrease and they will become more affordable.
Nevertheless, reducing your carbon emissions should be just one part of the entire action plan to reach climate neutrality. Investments in zero-carbon technologies, acquiring offsets, and updating old systems with new, greener options should add up to your sustainable living plan. On the other hand, governments targeting to lower the costs of zero-carbon alternatives and charging for the hidden costs of pollution is another way of reducing CO2 emissions.
What we have to focus on are new ways to generate and store green energy, manufacturing, transportation, and growing food without greenhouse gas emissions. To reach this enormous improvement, we need to take small, but secure steps towards it.
At Restart Energy, we are moving towards a greener energy supply scheme. The company’s business plan involves the supply of 100% green energy to all its customers by 2026. In order to reach this ambitious project, the company has closed partnerships and planned 500 MW green energy projects to be completed in the next 5 years.
Yesterday, April 21st, the European Commission has reached an agreement for one of the core elements of the European Green Deal: the commitment to becoming the first climate-neutral continent by 2050. Reaching climate neutrality by 2050 has an intermediate target of reducing net greenhouse gas emissions by at least 55% by 2030 (compared to 1990). Negative emissions after 2050 are another part of this agreement, along with a commitment to developing sector-specific roadmaps that will draw the path to neutrality in different areas of the economy.
Joining forces has proven to be the right approach when discussing climate change, countries working together and extending the scale of an offset program can have a larger impact on the environment.
We need a global, easy-to-use system for tracking and rewarding CO2 offset by individuals and companies. Saving the Planet needs to become profitable to succeed.
What RED brings to the table through its platform is to address the CO2 emission problem from three different perspectives at the same time:
- It offers incentivization to green energy producers through the CO2 offset system by offering free Certificates of Origin.
- It gives any user rewards for making the right choices towards CO2 reduction. Actions like using green energy and making green choices in users’ day-to-day will increase when being rewarded.
- It opens the opportunity for companies to reduce their CO2 footprint by supporting green energy producers and, also, change their energy supply to 100% green energy, reducing their carbon footprint even more.
The system gives access to its participants to a worldwide base of energy producers and offsets offers, allowing users to choose from a large variety.
CO2 Offset through Green Energy Production and Consumption
There are many ways to reduce your carbon footprint. At Restart Energy we help you offset your CO2 footprint through green energy production incentivization and consumption. An entire CO2 offsetting system based on blockchain technology, transparency, and a traceability system that will allow you to get proof of participation and exact calculations on the reduction of carbon.
The offset system is thought for both companies and individuals to reduce their carbon footprint.
The CO2 Offset System Structure on the RED Platform
The tokenized sustainability system flow inside the RED platform begins with a Carbon Footprint calculator that will allow the users on the platform to calculate their exact carbon footprint based on their habits. In a second step, the user will find CO2 offset offers available on the RED platform for purchasing.
CO2 Offset Offers
RED allows green energy producers to claim Certificates of Origin for the energy they produced. Producers can register on the platform the quantity of produced energy for the past 12 months. The certificates that producers receive are ERC-721 NFT tokens called REO-G and follow the EU Origin Guarantees standards.
These tokens contain specific engraved information related to the type of produced energy and the producer on the blockchain.
Owning 1REO-G means that 1 MWh of renewable energy has been produced and it is the equivalent of 750 kg of CO2 being offset (this number is different in each EU country).
After the producer registers its energy production, he/she can claim their tokens on the platform. When the claim is made, it has to be validated by a designated validator on the Platform. The validator is a third-party franchise owner who has passed a special test related to renewable energy knowledge. When the claim is approved, the Certificates of Origin are minted on blockchain and are deposited in the claimer’s account on the RED platform. This process allows complete transparent traceability of the energy.
Not only producers, but anyone on the platform will be able to claim green tokens based on their green energy consumption, electric car charges, etc. The tokens that any user can receive are called GTK and they are ERC-20 tokens, minted on the blockchain by Restart Energy Democracy.
Owning 1 GTK means that 1 ton of CO2 was avoided to be released into the atmosphere.
All energy consumers on the RED platform will receive GTK tokens for free based on their suppliers’ power mix.
Owning REO-G and GTK means you are already contributing to CO2 offset. If you prefer to own a certificate to prove it, you will be able to solicit one in exchange for the owned green tokens (REO-G and GTK), that will be burned on the blockchain in order for the certificate to be issued (avoiding this way double counting the green tokens).
These green tokens owned on the RED platform can be sold to companies and individuals who desire to reduce their CO2 footprint. Having a global reach, interested users will have access to buy REO-G or GTK tokens from any user around the world, growing the reach and availability for all users.
The CO2 offset certificate can be issued based on both REO-G and GTK tokens owned. The combination between the two of them and the exact calculations will determine the quantity of CO2 avoided being released into the atmosphere and this quantity will be inscribed on the certificate.
For our planet to be able to regenerate and stop global warming, we need to target NET ZERO CARBON. We can reach our goal by issuing 40 trillion GTK/Year that would offset the current 40 billion tons of CO2 emissions globally.
By doing so, we not only prevent climate change but empower people and companies globally to act behaviorally and reap the benefits of trading GTK Tokens.
Reducing carbon emissions translates into easing the way for producers, consumers, and companies who participate in offsetting programs to reach their objectives faster, in a transparent, untampered, structured manner. The movements of token acquiring and certificates issues are transparent for every user on the platform through blockchain.
The process is fast, secure, and does not require additional monitoring for completion, as other CO2 offset programs do, since it is 100% registered on the blockchain and available for verification at any time.
Offsetting CO2 is evolving and adapting to new technologies. Bringing offsets closer to all types of users will grow their implication and concern for the environment, allowing anyone from household users to companies to reduce their carbon footprint.
Carbon offsets play a big role in the reduction of CO2 emissions and at Restart Energy Democracy we desire to be part of the movement that will change the way we consume energy and reward the positive actions of users on the RED platform. Join us now and begin your offset journey on the blockchain!
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