Please describe your proposed solution.
We envision CarbonNo as a platform with which individuals, business owners, energy efficiency project proposers, and implementers can engage. Participants can use our platform to verify carbon reduction projects, mint, and register carbon credits on the blockchain; then they will be able to trade those credits all in one CarbonNo platform.
Our goal is to provide a uniform, trusted, and straightforward platform where retail investors and businesses can exchange or invest in carbon credits effortlessly without worrying about the trustworthiness of the underlying credits.
CarbonNo ensures the above by ICP (Investor Confidence Project) verifying submitted energy-efficiency projects that would like their credits onboard to our platform.
All verified carbon credits are then minted as NFTs on the Cardano blockchain and directly linked to their source.
Project investors/users can open up the CarbonNo dApp and choose to buy carbon credits originating from various carbon reduction projects, including but not limited to energy efficiency, carbon-sequestering, reforestation, solar, nuclear, etc.
In the long term, we will release a native token of CarbonNo tentative called $CNC. $CNC is a fungible token used in all transactions in our system. It also lets us provide efficiency upgrade incentives that don't depend on energy utility companies.
CNCs will be earned as rewards through the Carbonno dApp in two different ways:
- CarbonNo Projects - carbon-reducing building projects registered and verified by CarbonNo will be awarded CNCs based on the amount of carbon reduced. Tokens are only generated when carbon is actively reduced, making it a genuinely carbon-negative token. CarbonNo verifies the amount of carbon reduction through utility data or revenue-grade energy usage measurement at the meter level.
- CarbonNo Staking - investors can choose and stake a CarbonNo Project of their liking. Rewards will be calculated based on the specific Carbonno Project's carbon-reduction; the staking funds will help develop energy-efficient projects, including implementation, data inspection, and verification.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Voluntary carbon markets allow carbon emitters to offset their unavoidable emissions by purchasing carbon credits emitted by projects targeted at removing or reducing Greenhouse Gases (GHG) from the atmosphere.
Based on reputable sources, demand for voluntary carbon credits could increase by 15 or more by 2030 and up to 100 by 2050, and the market could be worth upward of $50 billion in 2030.
CarbonNo's mission is to democratize voluntary carbon markets for all.
Everyone should have access to an asset capable of reducing GHG's effects, so we are building CarbonNo to make investing in carbon credits friendly, approachable, and understandable for newcomers and experts alike.
CarbonNo will become a central point for carbon exchange and, at the same time, contribute to the mass adoption of the Cardano blockchain, raising people's climate awareness and making carbon reduction more tangible.
How do you intend to measure the success of your project?
There are four aspects to measure the success of our project:
- Community. Any project cannot succeed if nobody believes in the project and is willing to use the product. Building a strong, inclusive, diverse community is especially vital for CarbonNo. Carbon emission and reduction are often intangible to grasp; with CarbonNo reduction NFTs, we believe we can make climate-changing awareness more personal and carbon reduction more tangible. The more people join us, the greener our planet becomes.
- Verifiable Energy Efficiency Projects. We will be able to onboard energy upgrade projects that are carbon reduction verifiable with hare core utility data. The availability and capability to onboard and verify affiliated data for these projects is a key measurement of our success.
- Carbon NFT minting and listing. Users will be able to mint carbon NFT directly to their wallet on CarbonNo platform, the website will be able to provide all the details about the carbon reduction related to the NFT, providing abundant source for the users to make their own decisions and to see their ongoing impact on the environment. This is a key feature of CarbonNo platform to be successful.
- Carbon Credit Registration. Carbon registration involves lawful compliance of business operation, our Carbon NFT shows the proof of ownership in carbon reduction data. Furthermore, in order to use these reduction to offset the carbon emission it needs to be registered with legal entities, the ability to do so is a key measurement to our success.
Please describe your plans to share the outputs and results of your project?
Following the 4 measurements from the previous section, we list the tentative outputs and results as following.
- Growing Community. We have built up social media (discord, twitter etc.) to interact with our community, a growing number in twitter followers and carbon NFT holders would be a dirct outputs of our project.
- Evidence of Verifiable Energy Efficiency Projects. Showing the number and data of ICP verified energy efficiency projects would be a direct output.
- Trading Volume of Carbon NFT. We have initialized our Genesis NFT collection, more carbon NFT collection released from different energy upgraded buildings will be our direct project results, potentially we would like to see an organic trading volume growth of these collections.
- Legal Documentation of Carbon Credit Registration. Our co-founders have been trying to consult and document the carbon credit legalization and registration in the energy upgrade space, defining a clear guide line is our optimal results, and it would be benefit the project in long run too.