Non-profit eco-driven company Poseidon has announced the launch of a partnered-venture into the creation of carbon pricing technology, beginning January 2018.
Effectively, once created, the carbon currency will enable companies to measure the carbon footprint of their transactions in real terms.
“The landmark Paris Agreement confirmed that a global market for carbon credits is inevitable with a growing demand for emissions reductions and a need for complete transparency and trust in carbon accounting,” Poseidon said.
It will be created using blockchain, the technology behind Bitcoin that acts as an open source digital lender, facilitating online dealings in secure manor.
“There is significant scope for companies to capitalise on the increasing demands of their consumers, investors, and employees to demonstrate sustainability, responsible supply chains, and positive environmental action,” said Poseidon Founder Laszlo Giricz, speaking at New York Climate Week.
“As momentum builds, Poseidon’s blockchain technology presents an opportunity for early involvement in a transparent, accountable carbon market that can provide both financial and ecological returns, offering a host of benefits to natural ecosystems, and the habitats and livelihoods they support.”
Poseidon will conduct a fundraiser for the initiative in January 2018, where after the company will aim to source carbon credits through Ecosphere, an environmental consulting firm that finances a range of environmental assets globally.
It is planned that Poseidon will eventually produce a mobile app, allowing firms to view the carbon impact of their purchases.