Sustainable Initiatives- SDG 13
As going green grows in importance and popularity, companies are rushing to adopt strategies to become more sustainable. Such demand has led to new innovations and ideas that allow for a more multifaceted approach to this global issue, from investing in these new technologies to partnering with non-profits. BetaCarbon, a climate tech start-up, is representative of the increase in options for how organisations can reduce their carbon footprint.
Combining the current topics of sustainability and cryptocurrency, BetaCarbon has taken a unique approach: they have digitised Australian Carbon Credits (ACCU) in a way that, much like cryptocurrency, can be bought, traded, and/or collected.
According to the Australian Government’s Clean Energy Regulator, “Each ACCU issued represents one tonne of carbon dioxide equivalent (tCO2-e) stored or avoided.” Through various quality green projects like protecting native forests and strategic burning, BetaCarbon allows people to purchase their tokens, each equivalent to a thousandth ACCU or one kilogram. The hope is that this will increase demand for ACCUs and green projects, “accelerating the path to net-zero” (BetaCarbon).
While net-zero and carbon zero are sometimes used interchangeably, there is a clear distinction between the two approaches. Carbon zero involves the reduction of carbon emissions on an absolute basis. For countries and organizations where this is unattainable, offsetting their carbon emissions, also known as going net-zero, has become a popular means to still work towards a more sustainable future. Yet, while many organizations have committed to net zero, less than 1% are set to achieve this before 2030 (South Pole). With more diverse ways to approach their climate goals, perhaps companies will be able to reach them sooner.
This creative approach by BetaCarbon has received recognition recently, winning both the Green Rising Star of the Year and Green Innovation of the Year Award at the 2022 Finder Green Awards. It was applauded by judges for its “world-first approach to tokenizing compliance grade carbon credits into a cryptocurrency able to be distributed at the checkout” (Business Daily Media). The company has also received Australian Financial Services License which means they can now retire Carbon on behalf of wholesale customers who wish to offset their carbon output.
Sustainability has become a “buzzword” on Wall Street and the corporate world at large. However, as encouraging as this attention may be, in order to ensure sustainability remains on the agenda, we must combine it with current and relevant topics, as BetaCarbon has done.
Corpstage is a consulting firm providing advisory services aimed at helping companies achieve goals, as well as guiding them through the entire process based on their industry, business, and financial needs. Follow our linkedin page or subscribe to our newsletter “Sustainable Initiatives ” to read more such stories. Email: email@example.com.
Blog written/compiled by Sarina Uttam- Corpstage