Carbon sequestration project aims to build a green canopy of more than one billion trees alongside green blockchain and Smart NFT technology
Sapling in Sri Lanka
GLASGOW, Scotland, Nov. 05, 2021 (GLOBE NEWSWIRE) — Environmental company SavePlanetEarth (SPE) is setting up its very own certified Carbon Credit Smart NFTs to bolster efforts in combating climate change from a cryptocurrency angle.
SPE has partnered with various governments and NGOs worldwide to tackle climate change, successfully contracting over one billion trees to be planted and protected throughout the Maldives, Sri Lanka, and Pakistan. These trees conduct the vital task of sequestering carbon dioxide (CO2) naturally, which, in turn, lowers the greenhouse gas level in the atmosphere. SPE uses the sequestered carbon as certifiable “carbon credits” — creating a sustainable business model in the emerging cryptocurrency market. Profits from the sales of these credits can be reinvested into even more carbon sequestration efforts.
In a statement, SPE cautioned that the effects of climate change have rapidly emerged during the last century, adding that inaction against climate change is often attributed to necessary funding falling short or being entrapped in bureaucratic processes that stop it from reaching projects promptly. SPE emphasized the need for new and innovative financing to support strategies that combat carbon-emission build-up by funding projects directly and developing innovative funding mechanisms, noting that the emerging cryptocurrency market can help combat these funding issues and help aid in the sequestration processes to combat global warming.
SPE currently has a cryptocurrency called $SPE, primarily created to be the exclusive currency used within its carbon credit exchange. Six months since SPE’s inception, it has gathered a community of over 80,000 investors. SPE’s venture into the crypto market is part of a larger goal in creating a green blockchain entirely powered by renewable energy — an initiative currently in development that will primarily have a carbon-offset utility design. Due to SPE running its environmental initiatives in various countries, it earns carbon credits for every ton of carbon sequestered by its initiatives.
Carbon Consulting Company (CCC) is partnered with SPE to verify SPE’s certified carbon credits to the Gold Standard, allowing it to be listed in the UN registry. Due to SPE project’s legitimacy, it will be producing the first-ever verifiably certified Carbon Credit NFTs (CCNFTs). SPE has decided to partner with popular native blockchain Phantasma, which has an NFT marketplace. Their environmentally friendly portfolio and eagerness to lower their carbon footprint, makes them a suitable partner and an excellent option since SPE’s blockchain and carbon credit exchange are still in production.
Phantasma is home to carbon-neutral Smart NFTs with some of the most advanced NFT capabilities in the industry. The Phantasma blockchain can be used for digital goods and services such as communication, entertainment, on-chain storage and, in SPE’s case, for its green NFT technology and marketplace. As a part of its partnership, SPE will verify Phantasma’s carbon neutrality. Through SPE’s own Carbon Credit NFTs, Phantasma will take its focus on the environment one step further and become carbon negative, making it a provably green blockchain for developers to build their decentralized applications on.
SPE has further plans to reinforce the crypto sphere’s environmental impact, not just through its initiatives but by releasing SPEPad — a launchpad for new carbon sequestration-related cryptocurrency projects that the SPE team has vetted.
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These distinctive blue nets are used for every tree planted by SavePlanetEarth to protect the saplings until they can fend for themselves.
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