PRESS RELEASE: South Pole, ixo Foundation, and Gold Standard develop blockchain application for carbon credit tokenization
South Pole, ixo Foundation, and Gold Standard to use new blockchain application at solar PV project in Thailand to monitor, report and verify greenhouse gases
Zurich, Switzerland, 11 September 2018 - South Pole is partnering with the ixo Foundation, developer of the Blockchain for Impact, and Gold Standard, the benchmark standard for climate and development projects, to develop an application and impact tokens on the ixo protocol that will facilitate the monitoring, reporting and verification (MRV) of data for compiling greenhouse gas (GHG) inventories and originating carbon credits.
The project will demonstrate the feasibility of such an application at an innovative solar photovoltaic (PV) project bundle in Thailand that is owned by Siam Solar Energy and registered under the coveted Gold Standard. This application protocol is intended to serve as a means of submitting verified data and automatically issuing certified carbon credits.
Dr. Shaun Conway, founder and President of ixo Foundation, says: “This is an important application of the ixo protocol that could bring about a much-needed transformation in the costs and speed at which carbon credits can be generated to scale economically viable climate impact mitigation projects. South Pole and the Gold Standard are leaders assuring the supply chains for generating, certifying and trading carbon credits. Enabling these organisations to scale with cost-saving and process efficiencies would be game-changing in ways that are important for us all.”
The pilot project bundles 10 solar farms that together generate 148,477 megawatt hours of clean electricity that is delivered to the Thai national power grid every year, reducing the need for fossil fuels-based energy and bringing down GHG emissions. The project also contributes to local sustainable development by meeting the energy demand for people in central Thailand, providing over 100 job opportunities, and improving the local infrastructure.
The overall vision of the cooperation is to streamline and accelerate the data verification processes for GHG inventory management and carbon credit origination. This application protocol has the potential to reduce MRV costs by up to 10x in comparison to current practices and to allow real-time tracking of GHG inventories and issuance of carbon credits.
Renat Heuberger, CEO and Co-Founder of South Pole, says: “We manage the mitigation outcomes for 700 projects around the world; they create tangible impacts every day, every hour, every second. They reduce CO2 emissions, provide clean energy, protect forests, alleviate poverty. By connecting our projects to this application, we will enable our partners and investors to track and benefit from these impacts in real time - inspiring them to scale up their engagement.”
The application will be designed for scalability in order to facilitate GHG management on a project, entity, sector and national level. It will also increase the relevance of cash-flows that are linked to verified mitigation outcomes for project developers and within the climate finance community in general.
Marion Verles, CEO of Gold Standard, says: “Gold Standard has always been known for rigour; now we are focused on making rigour streamlined and scalable by digitizing the certification process. This collaboration represents a critical leap forward in driving sustainability at scale.”
The partners will explore the potential of digital verification processes for carbon offsetting on the 14th of September, during the Global Climate Action Summit in San Francisco, at Swissnext. They partners will discuss the vision and next steps of the pilot project during New York Climate Week at The Explorer Club on September 25th, starting 05.00 PM and invite others who are working on similar initiatives to reach out and take part in the event.
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Media contactsNadia Kahkonen, South Pole
+44 (0) 738 340 6808
Sophie Smithers, Cryptoland PR
+44 (0) 781 484 5376
About South Pole
South Pole is a leading provider of global sustainability financing solutions and services, with over 250 experts in 18 global offices. For more than a decade, South Pole has worked with a wide range of public, private and civil sector organisations to accelerate the transition to a climate-smart society. South Pole has mobilised climate-finance for over 700 projects in emission reduction, renewable energy, energy efficiency and sustainable land-use, and has been recognised for its diligent project development and impact quantification approach with numerous industry awards. They currently hold the largest international portfolio of carbon offset and renewable energy projects of any provider in the market. The company’s expertise covers project and technology finance, data and advisory on sustainability risks and opportunities, as well as the development of environmental commodities such as carbon and renewable energy credits. For more information, visit southpole.com or follow the company @southpoleglobal.
About ixo Foundation
The ixo Foundation is a non-profit open-source software development foundation building the ixo Blockchain for Impact. The world is starting to realize how important it is to really count what matters, for people and the planet. With ixo, all measurable changes that have an impact can now be transformed into Verified Impact Data with crypto-economic Proof of Impact, which enables anyone to value what counts for sustainable social, environmental and economic development. Trusted Impact data grows investments into impacts and optimizes the results, assisted by machine learning and intelligent oracles. The ixo protocol generates Impact Tokens that are traded through decentralised impact exchanges. These valuable digital assets will create new marketplaces for the Impact Economy. With ixo, everyone has the power to deliver, evaluate or invest in Impact. Together we can create the world we want and achieve the Global Goals for Sustainable Development by the year 2030.
About Gold Standard
Gold Standard was established in 2003 by WWF and other international NGOs as a best practice standard to ensure projects that reduced carbon emissions under the UN’s Clean Development Mechanism (CDM) also contributed to sustainable development. Its next-generation standard launched in 2017, Gold Standard for the Global Goals, allows climate and development initiatives to quantify, certify, and maximise their impacts toward climate security and sustainable development. Certification against the standard provides the confidence that these results are measured and verified, enabling credible tracking progress toward the Paris Agreement and the Sustainable Development Goals. Gold Standard now has more than 80 NGO supporters and 1400+ certified projects in over 80 countries, creating billions of dollars of shared value from climate and development action worldwide.