A leader in climate tech talks about using blockchain technology to allow the general public to easily offset carbon emissions.
For this article, we interviewed Václav Vislous, a visionary at the helm of CO2IN‘s mission to revolutionize carbon offsets through innovative technology. As CO2IN’s product owner and CTO, Václav is driving transformative solutions that democratize carbon offsetting, enabling everyone to combat climate change effectively. CO2IN is essentially a platform that gives individuals and companies access to the European carbon market via its innovative blockchain technology.
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- Carbon Offsets: Projects or actions reducing the amount greenhouse gasses in the atmosphere
- Carbon Credits: Tradable certificates representing the greenhouse gas reduction achieved by a given carbon offset
- Blockchain: A digital ledger of transactions chained together and secured by cryptography in tamper-resistant blocks
The Voluntary Carbon Credit Space Simplified
To understand CO2IN’s innovative approach, let’s first define what is the voluntary carbon credit space. In essence, this system empowers companies, individuals, and organizations to take voluntary action against climate change by purchasing carbon credits. These credits symbolize a measurable reduction in carbon emissions, often achieved through carbon offset projects such as reforestation or sustainable energy initiatives.
Empowering Access to The Carbon Market
In the European Union, a mandatory carbon market exists, far surpassing the voluntary markets at scale. However, because of stringent participation criteria and the need to trade large amounts at once, this market is not accessible for individuals and most companies. Therefore, CO2IN, through its innovative technology is bridging this gap by allowing access to the mandatory market’s emission allowances for voluntary carbon compensation.
The CO2IN Solution Unveiled
CO2IN’s methodology is both ingenious and actionable. It begins by procuring emission allowances from the European market, which are then transformed into tokens and made available on CO2IN’s platform as “Digital Credits.” Each CO2IN signifies a reduction of 10 kilograms of CO2 equivalent emissions. This democratized access empowers any and all users to purchase, trade, and even retire these CO2INs as certified carbon offsets.
Quick Stats about CO2IN’s Success:
- Active Users: Above 5,000
- Certification: CO2IN credits are ISO 14064:2 certified by TUV Nord Czechia, making them compliant with relevant non-financial reporting requirements and standards
- Current market presence: Czechia
- Expansion Plans: Future plans include expansion to neighboring EU countries
- Emission Allowances: CO2IN holds thousands of tons of CO2 in its emission allowances accounts
Comparing CO2IN to Traditional Carbon Offset Programs
For conscientious travelers, for example, it’s now common practice to offset their carbon footprint, via plenty of online options. These range from nature-based solutions to advanced carbon capture methods, each catering to different needs and preferences. CO2IN offers this directly in their app with an Offset your trip feature, which calculates a given trip’s carbon footprint and offers to purchase CO2IN credits to offset it.
A Balanced Approach
CO2IN finds its position in the market as a balanced solution within this diverse landscape. Positioned between traditional nature-based offsets and advanced technological solutions, CO2IN offers a compromise. The pricing, stemming from the regulated emission allowance market in the EU, places CO2IN in a mid-range position.
Trust in Carbon Offset Regulations
One distinct advantage that CO2IN brings to the table is the inherent trust embedded in its foundation. Drawing from the regulated mandatory European market, CO2IN garners confidence by virtue of the robust underlying regulatory framework. Unlike some nature-based solutions that necessitate scrutinizing lengthy reports, CO2IN’s reliability stems from its direct connection to a trusted regulatory system.
How CO2IN Combines Carbon Offset and Blockchain in an Innovative Way
Delving into the origins of CO2IN’s groundbreaking approach requires an exploration of the symbiotic relationship they have created between carbon offset and blockchain technology. Václav Vislous sheds light on its seamless integration. CO2IN is a platform that lets you buy and sell virtual carbon credits. But blockchain technology is still a key part of CO2IN’s system, and it has a clear reason. The details are as follows:
Safeguarding Trust through Private Blockchain:
The foundation of CO2IN’s innovation lies in blockchain technology, which operates on the following crucial fronts. Primarily, it functions as a private ledger, permanently processing every transaction. This technology significantly bolsters trust — which is essential within the carbon offset domain. Vaclav’s view shows a key difference in CO2IN’s blockchain approach. Unlike public blockchains, CO2IN uses private blockchain technology. This choice upholds transaction confidentiality while preserving blockchain’s foundational attribute—a permanent and auditable record.
Anticipating Corporate Engagement and Regulatory Influence
In glimpsing ahead, we asked Vaclav what he thinks about the future of carbon offsetting for businesses. He says that for now, European companies by and large lag behind their US peers in terms of compensating for their carbon footprints. But the situation is quickly changing. Europe is witnessing a rising interest among corporations for services like CO2IN’s, fueled by profound regulatory shifts with regard to ESG reporting regulations that are currently being rolled out. The new ESG directives from the European Union mandate comprehensive carbon footprint disclosure for companies of all sizes, and offsetting carbon will be one essential tool for adapting to these new reporting procedures.
Read the full CO2IN whitepaper to learn more about the project.
Interested in Vaclav’s work?