Filecoin Green Unveils Web3 Data Storage Solution for Carbon Offsets

Filecoin Green Unveils Web3 Data Storage Solution for Carbon Offsets

Filecoin Green has successfully launched CO2.Storage, the first Web3 data storage solution to enhance the development of environmental assets like carbon offsets to reduce the harmful impacts existing technologies have on the environment. The company announced the new product in a press release on October 24, 2022.

Filecoin Green Launches CO2.Storage

Filecoin Green, an initiative that aims to make the Filecoin blockchain network carbon-neutral, has launched CO2.Storage, a Web3 storage utility to create more efficient data storage solutions for digital environmental assets, including carbon offsets, renewable energy credits (RECs), and Power Purchase Agreements (PPAs).

According to Filecoin Green, CO2.Storage will function as a free Web3-powered storage utility where its addresses will host many accurate and up-to-date data associated with carbon offsets, to enable companies and individuals to buy legitimate and quality carbon credits or RECs transparently. 

The storage solution will also enable environmental asset providers to define their “data schemas” and will be able to store their data via content addressing on the Filecoin Network and InterPlanetary File System (IPFS). In a statement, Alan Ransil, the founder of Filecoin Green at Protocol Labs, said:

“CO2.Storage pushes beyond existing Web2 carbon market infrastructure to increase the verifiability of carbon credits and interoperability between different systems.”

He added:

“By using Web3 tools, Filecoin Green and our partners are laying the foundation for a more transparent, and scalable voluntary carbon market. Together, we’re ushering in the next generation of Regenerative Finance systems that will make environmental efforts as impactful as possible.”

The initiative is teaming up with many crypto protocols to make the crypto industry achieve net-zero emissions, including Flowcarbon, the HBAR Foundation, dClimate, Gainforest, and others.

Flowcarbon co-founder Phil Fogel commented on the new development saying:

“Flowcarbon is dedicated to improving market efficiency by better connecting corporations, individuals, and project developers to incentivize positive climate action through robust carbon markets, CO2.Storage will allow us to follow through on this promise, verifying the quality of our credits for transparency across all of our partnerships.”

Osho Jha, founding partner at dClimate, also commented:

“dClimate provides tools that are essential in the fight for global climate resilience like accessible, open-source monitoring, reporting, and verification (MRV) technology as well as validated, immutable climate data via its decentralized data network. We are proud to work with Filecoin Green to leverage its CO2.Storage solution to make MRV and open-source data tools available to any nature-based carbon project anywhere in the world.”

Carbon Emissions in Crypto

Carbon emission and its impact have been a hot topic in the crypto space for a while now. In September 2022, a study by Cambridge Center for Alternative Finance (CCFA) revealed that  Bitcoin mining has been responsible for approximately 200 million tons of CO2 since it began.

Just as traditional financial institutions are becoming more environmentally friendly, many crypto players are developing or adopting measures to erase their carbon footprint. In October 2022, Ripple Labs partnered with Web3 climate startup Thallo and other organizations to build a blockchain-based carbon credit market. Many crypto companies are beginning to become climate positive which will no doubt cast a positive light on crypto in a generation actively looking for ways to erase its carbon footprint.