A Memorandum of Understanding was signed by Sunny Lu (VeChain CEO), Andrea Zafferani (the Republic of San Marino Secretary of State for Industry, Trade, Business, Cooperation, and Telecommunications), Sergio Mottola (the President of San Marino Innovation), as well as DNV GL Global Director of Digital Transformation, Renato Grotttola to push for more innovation towards lowering carbon emissions with their new proposal for a San Marino Low Carbon Ecosystem.
The purpose of a low-carbon ecosystem is to incentivize cleaner activities. DNV GL and VeChain first co-operated on a blockchain-based low-carbon ecosystem in China, working with major multinational partners like People’s Insurance Company of China, BYD, Bright Foods, as well as top local hospitals and universities. The plan was to reward eco-friendly behavior with credits that can be used towards useful products or services.
Andrea Zafferani, Republic of San Marino Secretary of State for Industry, Trade, Business, Cooperation, and Telecommunications said:
“We are particularly proud of this Memorandum of Understanding that certifies the Republic of San Marino as the ideal place to foster a culture of experimentation and bring blockchain to our everyday lives. We’ll give life to a project that will directly engage citizens and reward their sustainable behavior, while also meeting the country’s demands in regards to CO2 emissions reduction, water-saving, and waste disposal and management. Our ambitious goal is to become the first zero-emissions country in the world.”
The citizen will be able to measure the effects of his virtuous behavior. The mitigation of CO2, obtaining from the enactment of a sustainability-oriented behavior, will be determined by a proper algorithm and rewarded through the San Marino Innovation Token.
Sunny Lu, CEO of VeChain added:
“We are happy to be part of this great change and honored that San Marino Innovation considers VechainThor as a technological infrastructure capable of supporting the ecosystem. This national initiative represents a great goal for VeChain, and for the entire global blockchain community.”