The challenge
Companies around the world have been resorting to "offsetting" for years to achieve their climate targets, buying their way out ofCO2 certificates. A recently published investigation by the newspapers "Die Zeit" and "Guardian" and the investigative platform "SourceMaterial" reveals a worrying trend in this multi-million dollar business.
90% of all certificates issued by the world's largest certification organisation are said to be largely worthless, as far fewer greenhouse gases are being saved than promised. The controversial discussion on both sides of the debate is focussing on one issue in particular - the critical need for independently verified and secure data.
Prominent financial scandals have unfairly cast blockchain technology in a bad light. However, the secure decentralised storage of validated data represents the ideal basis for sustainable applications beyond cryptocurrencies.
Blockchain can do more
Our solution
As part of an international co-operation between World Direct, GLINK, Hyphen and NorthWest Nodes, a highly regarded project for the aggregation and validation of climate data is currently underway.
The most important key data
Valid and secure climate data
Greenhouse gas data from governmental earth observation organisations such as NOAA, ICOS, Copernicus and other independent sources are bundled, validated and made available via various interfaces in a Chainlink Node.
The connected blockchains and their smart contracts ensure data quality and minimise the risk of misuse - in a much shorter time compared to conventional methods.
What do environmental offences really cost?
The innovative solution not only provides the basis for secure data forCO2 certificates, but also opens up other useful applications for climate data. For example, work is already underway on calculating inflation by taking environmental events into account. Other examples include the data-based evaluation of environmental protection measures or the calculation of the economic costs of environmental pollution.
This makes blockchain technology even more relevant for all of us. We are actively involved in these exciting developments and continue to take sustainable measures for a better future.
International team of experts
This project has been made possible by pooling highly specialised expertise. Three of the world's leading chainlink node operators GLINK, NorthWest Nodes and Hyphen are contributing their blockchain expertise. As a subsidiary of A1 Telekom Austria AG, World Direct has decades of experience with high-performance transaction systems and ensures the secure operation of the nodes in our certified data centres.
You can find more information on secure transaction systems on our dedicated topic page:
Financial IT Solutions
Reliable, transparent and tamper-proof evaluation of greenhouse gas reductions is becoming increasingly important today as companies around the world take action to reduce their carbon footprint and financial incentives such as green bonds increase.
The Hyphen Oracle Network makes it possible to support the monitoring of individual actions against the backdrop of global progress, which is essential for evaluation in today's carbon markets.
David Grimes Chief Climate Officer at Hyphen and former President of the World Meteorological Organisation.
Please also read our article on this topic in FORBES 01/2023
We are particularly proud of
The project is our entry into the exciting world of blockchain and Web3.
Working with innovative partners to use blockchain technology to solve our major global challenges, such as climate change, fits perfectly with our vision - to use IT to create sustainable benefits.
Blockchain and financial solutions
