ixo Foundation, Gold Standard And South Pole Partner To Reduce Carbon Credit Costs
In a post released on ixo Foundation Medium blog this Tuesday, an announcement on the partnership of ixo Foundation with South Pole and Gold Standard 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.
Ixo Foundation is a non-profit open-source software development foundation building the ixo Blockchain for Impact that will ensure all its users have the power verify measurable impact data and transform it to Trusted impact data enhancing the efficiency of data to blockchain technology. Gold Standard is a company established by NGO’s all over the globe to ensure projects that reduced carbon emissions under the UN’s Clean Development Mechanism (CDM) also delivered on the dual mandate to foster sustainable development.
Speaking on the partnership between the South Pole and ixo Foundation, the president and founder of ixo Foundation, Dr. Shaun Conway, spoke of the importance the ixo platform in providing the much-needed transformation in the costs and speed at which carbon credits can be generated to scale economically viable climate impact mitigation project. Integrating its technology with South Pole and Gold Standard also ensures that the generation, certification and trading of carbon credits will be done in a cheaper and more efficient way that would in end in having mutual benefits for the three firms.
The innovative Solar Photovoltaic (PV) Project In Thailand
The project set to be built by collaboration of the three companies will serve as a means of submitting verified and trusted data to the platform while simultaneously and automatically offering its users certified carbon credits.
The projects in Thailand will see significant economic development through meeting the energy demand for people while providing hundreds of jobs and improve the infrastructure and financial transactions in the area. This will be achieved through the 10 pilot project bundle solar firms that will produce a combined 148,477 megawatt hours of environmental friendly 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.
Furthermore, the partnership will streamline and accelerate the data verification processes for GHG inventory management and carbon credit origination by reducing the MRV costs involved with carbon credits by up to 10x in comparison to systems used today in tracking GHG inventories and issuance of carbon credits.
CEO’s Take On The Partnership
Renat Hueberger, the CEO and co-founder of South Pole was ecstatic in the partnership calling for the alignment of the companies’ projects to the ixo application a successes that will benefit partners and investors hence increasing their engagement.
“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, and 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 CEO of Gold Standard, Marion Verles, acknowledged the partnership as a step forward for the Gold Standard Company as it aims at a globally sustainable platform.
“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.”