Celo Carbon Offsetting Fund selects Arkreen for on-chain offsets via tokenized RECs
The Ultragreen Money initiative was launched last year through the Celo community’s approval of CIP-52, grounded in the blockchain’s commitment to sustainability and the regenerative finance movement. This initiative established the Celo Carbon Offsetting Fund, which receives a portion of the base of transaction fees burnt by the Celo platform every epoch. Since May 2023, the funds have been used to purchase carbon offsets on-chain and off-chain. In 2024’s proposal, 60% of the funds will be used for on-chain assets, specifically splitting equally between Toucan Protocol with tokenzied and Arkreen. Beyond ensuring that Celo is a green blockchain, this effort to partner with Arkreen for on-chain offset via tokenzied REC also strives to support the growth of a vibrant regenerative ecosystem around Celo.
For more information, please read the blogs below from Celo forum.
https://forum.celo.org/t/updates-on-ultragreen-money-celo-carbon-offset-fund/7422
https://forum.celo.org/t/hello-from-arkreen/7445
What has Arkreen launched on Celo?
Carbon credits and RECs are two main types of carbon assets. Both are important sustainability tools that can help individuals and organizations reduce carbon emissions. Celo has already introduced carbon credits to create a beneficial climate impact via CGP30/CGP52/CGP77/CGP80 4,5,6.
With REC onboarding on Celo, it will provide more alternative approaches and better flexibility for the Celo community. Many ReFi and ESG-related projects within the Celo ecosystem will have the opportunity to utilize tokenized REC to meet their diverse decarbonization and investment requirements. and it will further strengthen Celo’s position at the forefront of the ESG and sustainability movement.
Arkreen already supports the world’s first REC bridge application on Celo mainnet on Dec 2023, capable of bridging numerous REC assets from the physical world into the crypto Web3 world. For more details, please read the blogs below.
https://medium.com/@arkreen/arec-protocol-arec-assets-f3132a3f6d5d
https://medium.com/@arkreen/tokenized-rec-on-celo-via-arkreen-arec-bridging-protocol-60d84c850882
Arkreen AREC is a global inclusive climate action protocol for community individuals
Arkreen AREC protocol has completed over 1,300 transactions for on-chain issuing more than 6,100 ART tokenzied REC assets utilizing Solar green energy generation data through its network of 14,000 miners. Utilizing the community-driven carbon neutrality Dapp GreenBTC.Club, more than 250 individual climate actors from the Arkreen community use AREC protocol to facilitate 12,000 on-chain offset transactions for voluntary climate actions. This has resulted in a cumulative green energy of 215.936 MWh, effectively offseting historical carbon emissions from over 23,000 Bitcoin blocks’ electricity consumption, nearly 2.8% of total Bitcoin blocks.
Looking Ahead:
Arkreen eagerly anticipates collaborating with Celo to spearhead innovation and establish standards for data-driven on-chain tokenization and on-chain offset. Our joint efforts will persist in fostering sustainability within the web3 ecosystem, and we extend invitations to more web3 projects with ESG consciousness to engage in collaborative endeavors.
- Enhancing AREC Liquidity and Bridging Classic RECs: In 2024, our aim is to bridge additional classic Renewable Energy Certificates (RECs) from the physical realm and enhance AREC liquidity within the Celo ecosystem. We aspire for AREC to serve as a means to offset carbon emissions of Celo blockchain nodes and support projects operating on the Celo blockchain that seek to mitigate their carbon footprint.
- Collaboration for Innovation and Standardization in On-Chain Tokenization: Arkreen will collaborate with Celo to drive innovation and standardization in data-based and on-chain tokenization, as well as self-certified REC on-chain offset initiatives.
- Implementation of DePIN Infrastructure for ReFi digital infra and Sustainable Bitcoin Ecosystem: Arkreen will invite more leading Web3 projects with ESG awareness to join collaborative activities within the GreenBTC.Club carbon neutrality Dapp, aiming to develop a digitized infrastructure for ReFi and foster a sustainable Bitcoin ecosystem in a DePIN way.
Stay tuned for more updates on our journey by following us on Twitter
https://twitter.com/arkreen_network
About Arkreen:
Arkreen Network is a Web3-enabled data network for globally distributed renewable energy resources connection and monetization driven by a vision of a carbon-neutral Earth. Enabled by Web3 (economics) and IoT plus Blockchain (tech), Arkreen Network aims to build up this infrastructure in a DePIN way from bottom-up by incentivizing climate actors in ReFi applications.
About Celo:
Celo is a prominent project within the web3 community, focused on advancing ESG initiatives through blockchain technology. With a mission to build a regenerative digital economy that creates conditions of prosperity for all, Celo is dedicated to creating a carbon-negative, mobile-first, EVM-compatible blockchain tailored for real-world applications.
By Arkreen on February 16, 2024.