With the tokenization of each ton of CO2 that is not sent to the atmosphere, the Spanish company Greenb2e generates an investment system and motivates to preserve the environment.
Traditional fuels, used both in the electrical industry and in the transport sector, generate an excess of carbon dioxide (CO2) that represents more pollution for the environment. In Spain, blockchain will be the new tool that will help control this situation.
In order to keep CO2 emissions to the minimum established in the Kyoto Protocol, some 1,100 companies in Spain and 12,000 in the European Union have “permits” and limits to emit CO2. These companies can sell these quotas, according to the National Allocation Plan (NAP) for CO2 emission rights.
Blockchain technology comes to this buying and selling dynamic. The objective of the Spanish Sustainability Observatory (OSE) along with that of the previous Ministry of Environment, is that less than 1 million tons of CO2 be produced each year through voluntary actions by private sector companies.
The Greenb2e company is tokenizing carbon dioxide surpluses so that these new assets can be traded in the market.
The project will convert tons of carbon dioxide that do not reach the atmosphere into digital values. In this way, in addition, companies that are taking care of the environment can invest in the token.
“We see the tons of carbon dioxide that have stopped being emitted and we transform them into a digital asset”, said Miguel Pelegero, Director of Business Development and Operationsfor the company.
It is a sustainable energy solutions management firm which offers consulting, engineering and energy management services. This company developed a pilot program in which it replaced diesel engines with photovoltaic panels to promote greener energy.
The new project of the Spanish company is possible thanks to an agreement with the Spanish bank Bankia, which has a platform to develop blockchain applications whose name is Stockmind.
The pioneering renewable energy program is conducted in Castilla-La Mancha, specifically in the municipality of Argamasilla de Alba (Ciudad Real, Spain). It works with 54 solar panels for the agricultural production of vineyards.
It works in areas where it is not feasible to have traditional electricity, such as in agricultural fields. The idea is to replace diesel engines that provide power to irrigation water pumps with photovoltaic panels.
“With this initiative we intend to reduce the annual consumption of diesel, as well as to valorize the CO2 emissions avoided, by replacing the generator set with solar panels, and convert it through our methodology, certified and endorsed by the DNV certifier, of the kWh produced by solar panels to tons of CO2 avoided”, Pelegero explained.
In total, 27 investors have financed the project, reaching an amount of 40,000 euros (USD 43,920). The Valencian financing company Colectual was in charge of directing the crowdfunding.
Now, companies that wish to contribute to practices against climate change can offset their CO2 emissions with the purchase of digital assets.
Currently, the company is trying to implement the plan in other regions of Europe, Verónica Rodríguez reported to local media.
The Director commented that the company is working on using blockchain technology in other sectors, such as the port sector.
“We are working on a project for the port of Valencia, which not only includes the tokenization of CO2 savings, but also surpluses of kilowatt per hour and thanks to blockchain technology we can exchange them in the market”.
By María Rodríguez