Carbonable, a startup that leverages the public Ethereum blockchain to track carbon contributions and prevent greenwashing, has secured $1.2 million in a seed funding round led by Ethereal Ventures and La Poste Ventures. The startup uses the Ethereum scaling overlay provided by Starkware to monitor the carbon credit lifecycle, from project selection to credit issuance and retirement.
Carbonable’s platform addresses the lack of transparency and trust in the carbon credit market and enables companies to meet their climate contributions using blockchain technology, satellite imagery, and artificial intelligence. In the future, Carbonable aims to allow anyone to audit a company’s carbon contribution rate.
Blockchain technology is becoming increasingly utilized for more than just cryptocurrency, with the tokenizing, tracking, and trading of carbon credits as a prime example. This growing infrastructure development has made it possible to support meaningful action against climate change through a transparent process that is both cost-efficient and secure.
By utilizing blockchain-based solutions, organizations can now quickly and easily manage the emissions trading process, making it easier to reduce carbon emissions to meet global targets. As a result, more companies are taking advantage of blockchain technology as an effective way to combat climate change and make a positive environmental impact.
In an interview, Guillaume Leti, one of the co-founders of Carbonable, stated that the carbon credit market is still in its infant stage and has a great deal of room for improvement. He brought up a number of issues, some of which included a lack of trust and transparency, an impending scarcity of high-quality carbon credits, and an impending scarcity of both.
Carbonable assists businesses in meeting their climate commitments by integrating a number of cutting-edge technologies, including AI and satellite imagery, and using blockchain technology as the glue that holds everything together.
