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Cabify leads the way in offsetting CO2 emissions with blockchain

Cabify leads the way in offsetting CO2 emissions with blockchain 656 420 Climatetrade
  • The ridesharing company announces its alliance with ClimateTrade, an international leader in efficiency and service traceability on carbon neutrality.
  • Thanks to blockchain technology, Cabify takes a step forward by digitalizing, tracing, and ensuring transparency of both the offsetter and the environmental projects.

The multi-mobility company Cabify, the first and only carbon neutral operator in Latin America and Spain since 2018, has today announced it is boosting its environmental commitment with the pioneering solution of blockchain technology for carbon offsetting and the international expansion of the scheme. Cabify teams up with Climate Trade, leading fintech in Blockchain marketplace development for carbon footprint offsetting.  Road transport accounts for 11.7% of global GHG emissions and urban centers generate 70% of them, according to the International Energy Agency and C40 Cities: cities are therefore instrumental in the solution for climate change, which crucially requires taking steps towards decarbonization of mobility.

As of 2018, Cabify is the first and only company in the field to offset 100% of generated emissions (carbon neutral), not only by its operations but also from riders and corporate clients’ journeys taken in Europe and Latin America, having maintained this commitment for three consecutive years.  During this time, Cabify has offset more than 310 thousand tons of CO2 via environmental protection projects, which equals protecting 12 million trees in the Amazonian Rainforest or avoiding 280 journeys by car from Buenos Aires to São Paulo. At the same time, the company is making progress in the reduction of its emissions and the drive for the electrification of its fleets in 2025 in Spain, and in 2030 in Latin America.  

  • Focused on the environmental protection and the promotion of renewable energies, Cabify announces its involvement in new high-value offsetting projects in Brazil, Peru, and Chile for planetary health.

The projects to avoid deforestation in the Peruvian Amazon; waste management and renewable energies in Brazil; and forest biomass in Chile for energy co-generation, water pollution prevention, and forest fires risk reduction, are articulated by a fund traceability system via blockchain which guarantees full transparency of the process.

“These complex times that countries, cities, and communities are experiencing do not slow us down. On the contrary, they push us more than ever to move decisively towards sustainable urban mobility models. We maintain our progress and commitment to fleet electrification while we ensure making, though the right projects, a positive impact that goes beyond the carbon neutrality we reached three years ago, and also tackles enhancing socio-economic development of the communities we are part of,” said Juan de Antonio, Cabify’s CEO and Co-Founder. 

Decentralizing the offset is a key element in making a direct positive impact, not only on an environmental protection level, but also for socio-economic development, and local green job opportunities in the communities where Cabify offers safe, sustainable, and accessible ridesharing options. Besides, these programs integrate, and have a direct impact on several United Nations Sustainable Development Goals (SDGs) such as Climate Action (13), Life on Land (15), Decent Work and Economic Growth (8), Partnerships for the Goals (17), and Reducing Inequality (10).  

Cabify will soon activate an API integration (Application Programming Interface) and an individual traceability system so that riders and companies using the app can track, for every ride, the carbon footprint emitted and offset for them by Cabify.

Since 2018, Cabify has been a member of the United Nations Global Compact, and it has aligned its sustainability strategy with the 2030 Agenda, and with the United Nations Sustainable Development Goals, with the strong commitment to the European Union Green Deal, which lays the groundwork for the region to be carbon neutral by 2050, and aims for a 90% reduction of GHG net emissions. 

“From ClimateTrade we aim to complement Cabify’s leadership in sustainable mobility, and generate the greatest climate impact through the contributions of its clients. This alliance will provide transparent accreditation of the company’s carbon neutrality, generating a unique tandem in the international context to improve global health,” said Francisco Benedito, CEO of ClimateTrade.

Cities: the focus of efforts for planetary health 

ClimateTrade’s ecosystem aims to tackle climate change and poverty, supporting local development, and generating a positive impact on our planet. The main advantage of this fintech company is the usage of blockchain technology, which accelerates and simplifies transactions with absolute traceability, security and transparency. In this way, it guarantees that the funds invested in the carbon footprint offset are reaching the source. Climate Trade works with projects which are verified against the highest global standards, such as the Clean Development Mechanism (CDM), Verified Carbon Standard (VCS), and Gold Standard.

On June 5, World Environment Day, the United Nations Framework Convention on Climate Change (UNFCCC) launched the ‘Race to Zero’ which seeks to guide cities, regions and companies towards climate neutrality. Digitalizing calculations for the traceability, and offset of emissions places Cabify as the leader in carbon neutrality projects transparency, and allows for a quantifiable positive impact on cities, while they develop their Low Emission Zones (LEZs), Clean Air Zones (CAZs), and more sustainable ridesharing models. 

The Carbon Neutral Cities Alliance showcases the most ambitious local efforts across the globe to eliminate up to 100% of emissions by 2050. Today, 55% of the global population, about 4.2bn people, live in cities and urban centres. By 2050, this figure will rise to 70%, according to the UN.Making progress in planetary health with a multidimensional approach not only reduces disruption to ecosystems and their exploitation but also protects us against pandemics such as COVID-19. According to Dr. Peter Daszak, Chair of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) workshop, “the same human activities that drive climate change and biodiversity loss also drive pandemic risk through their impacts on our environment. Changes in the way we use land; the expansion and intensification of agriculture; and unsustainable trade, production and consumption disrupt nature and increase contact between wildlife, livestock, pathogens and people. This is the path to pandemics.”

Climatetrade announces a partnership with Algorand and Investment from Borderless Capital

Climatetrade announces a partnership with Algorand and Investment from Borderless Capital 656 420 Climatetrade

Climatetrade, a blockchain-marketplace for CO2 carbon offsetting, announced today it will leverage the Algorand, a scalable, secure and decentralized digital blockchain technology network. to bring its technology to the next level. In addition, Borderless Capital has participated in the € 1 Million seed round of Climatetrade to support the company’s strategic plan and expansion goals.

Climatetrade is leading the market in terms of bringing transparency and traceability into carbon markets with blockchain solutions, offering its services to large corporations such as Iberia, Melià Hotels, Cabify, Telefónica, and many others. Climatetrade gives its users access to a marketplace where they can  directly offset their carbon footprint by selecting the most suitable carbon credits, along with  the records of all their transactions in a private dashboard.

Climatetrade and its customers will be using Algorand as its primary infrastructure layer and leveraging its capabilities for carbon offsetting. The key benefits to using a public blockchain network to transact and create an open marketplace for carbon credit trading are greater efficiency, transparency and inclusivity.

“Climatetrade’s selection of Algorand to power a global marketplace for carbon offsetting is a major shift in how organizations can achieve carbon neutrality,” said W. Sean Ford, COO of Algorand. “By making carbon offsetting more easily accessible and efficient, Climatetrade is poised to make a far reaching environmental impact through its vast network — all with blockchain.” 

“After analysing several technology providers and rigorous due diligence, we chose Algorand as the blockchain infrastructure to power our platform. We have no doubt, Algorand is the perfect solution due to its flexible architecture, low transaction fees and scalability of transactional performance. In addition, they are the only pure proof-of stake (PPoS) network and we have an aligned business vision,” said  Francisco Benedito, CEO of Climatetrade.”

Borderless Capital invests in category-leading businesses creating economic value in the borderless economy. This investment will enable Climatetrade to open markets in the United States. The next stop on Francisco’s itinerary will be Silicon Valley, where Climatetrade is planning to open its first office to start commercializing its innovative solutions to those American companies that wish to reaffirm their commitment to sustainability by offsetting their CO2 emissions.

“Borderless is the right partner for us as they have the experience with businesses that integrate blockchain at their core. We are sure that will help ClimateTrade to expand faster and complement our strategy perfectly,” said Francisco Benedito.

“We are excited and proud to join ClimateTrade. The use of Algorand technology and blockchain for making the planet a better place is at core of our investment philosophy and mindset,” said David Garcia, CEO and Managing Partner of Borderless Capital.

This alliance will enable Climatetrade to position itself as the reference for the climate markets worldwide and to progressively create an exponential organization able to make a real impact in the world. 

About Climatetrade

Climatetrade is a Spanish company whose main objective is to help companies achieve their sustainability goals by offsetting CO2 emissions and financing climate change projects. 

Pioneering the development of its Blockchain marketplace, Climatetrade has recently launched an API that allows the acquisition of carbon neutral products and services from customers of the different companies integrating this solution.

About Algorand Inc.

Algorand Inc. built the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. The Algorand protocol is the brainchild of Turing Award-winning cryptographer Silvio Micali. Algorand Inc., a technology company dedicated to removing friction from financial exchange, is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain, and providing responsible privacy models.

About Borderless Capital

Borderless Capital is a modern financial institution investing capital and building financial products that accelerate access, bootstrap adoption, and create value globally through the Algorand borderless economy.

Climatetrade new member of ICC Spain

Climatetrade new member of ICC Spain 600 384 Climatetrade

Climatetrade, new member of the Spanish Committee of the International Chamber of Commerce – ICC Spain.

The International Chamber of Commerce is a global business organization, representing companies from all sectors worldwide. It is made up of thousands of companies, chambers of commerce and business associations from more than 130 countries. The ICC promotes the opening of international trade and investment, as well as the market economy.

It should be noted that the ICC has the status of a consultative entity with the United Nations, its agencies and specialized organizations, and maintains a fluid and close relationship with other international organizations of recognized prestige.

The Spanish Committee of the International Chamber of Commerce is one of the 90 national committees around the world. It is primarily responsible for coordinating with its members to direct the interests of the national business community and to convey to the government the business views formulated by the ICC.

Climatetrade, as a member of the ICC, will participate in the commission’s work. Which cover a wide range of sectors, such as Arbitration and ADR, Banking, Competition, Environment and Energy, Intellectual Property, Marketing and Advertising, Taxation, Trade and Investment Policies, Corporate Social Responsibility and Anti-corruption, Digital Economy, among others.

As a member of ICC, Climatetrade will contribute to the development of the rules at a national and international level, through National Committees and their groups. Likewise, ClimateTrade will receive the information and may be able to participate in the development of policies, laws and regulations from the beginning.

Additionally, Climatetrade has access to all training courses and conferences and to a wide selection of services and practical tools offered by the ICC to facilitate business.

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The Spanish company Correos will offset the carbon footprint of its customers through ClimateTrade

The Spanish company Correos will offset the carbon footprint of its customers through ClimateTrade 746 420 Climatetrade

Currently, we are developing a pilot program called “Correos Compensa” with the parcel and telegraph shipping company, Correos.

This will allow Correos to offer its customers and partners offset their carbon footprint. The pilot program was presented in December in collaboration with Banco Santander, which will be the company that purchases the initial loans during the World Climate Summit in Madrid.

Correos is determined to offset the carbon footprint of all letters and packages delivered with ClimateTrade by next year. 160,000 tons will be offset directly with ClimateTrade in early 2020.

The funds generated by Correos will go to Acciona, a Spanish environmental company that manages multiple projects to reduce carbon dioxide (CO2) emissions.

Carbon-offsetting-platform

ClimateTrade, key green finance service provider

ClimateTrade, key green finance service provider 519 389 Climatetrade

The British Embassy in Spain highlights ClimateTrade as a key provider for green finance in its recent publication made in alliance with Afi, finance school, about the development of the UK and Spanish green finance sectors. In particular a comparative study of the evolution and development in both markets.  

The transition to a decarbonized economy is one of society’s biggest challenges. For this reason, today it is one of the elements receiving the greatest attention by public authorities as well as economic and financial agents. Meeting the objectives and leading the global transition to a low carbon economy will require unprecedented levels of investment in green and low carbon technologies, services and infrastructure.

The report includes both policy and commercial elements in its analysis of this market and a directory detailing a range of companies that work in this area, which we are proud to be a part of. 

The main objective is to identify the opportunities for the Spanish and British economic sectors through the identification of solutions and their providers so that the transition process can be as quickly and efficiently as possible.

This report is a useful tool for companies and policymakers for identifying key areas for the UK and Spain to work more closely together in the development of this important area of financial services moving forward.

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ClimateTrade, the climate marketplace that comes to “break” the carbon market

ClimateTrade, the climate marketplace that comes to “break” the carbon market 950 612 Climatetrade

Interview with Francisco Benedito, CEO of ClimateTrade.

The platform connects buyers of carbon emission rights with sustainable projects developers reducing the transaction cost by 30 to 40%.

We came to break this sector as Airbnb did with the rental housing or Booking with hotels“, says Francisco Benedito, CEO and co-founder of ClimateTrade, marketplace devoted to the carbon credits sale. “In the end what we do is eliminating intermediaries and connecting both parties. It’s a kind of  Ebay or Wallapop”, he adds.

Carbon markets, as Benedito explains, arise in 1997 to force companies that pollute to pay for it and channel this money towards green projects that somehow offset CO2 emissions. In this way, sustainable companies obtain certifications that they can sell to polluting companies. “There is a compensation effect. If a company that pollutes, generates a ton of CO2 and, on the other hand, there is a company that does the opposite, this emission is offset”, explains the CEO of ClimateTrade.

He adds, that this market has been traditionally led by brokers, who take most of the profit as, “they not only voluntarily increase the price of the product, but they also put pressure on sustainable projects to get the credits at a lower price“. Companies that developed actions to tackle climate change in this situation “do not receive a fair price”. In addition, Benedito points out, certain fraudulent practices were generated from this practise, as many companies sold their credit rights “without cancelling them in the registry”.

The CEO of ClimateTrade, together with several colleagues experienced in the financial sector, decided in 2019 to launch their climate platform in which they implemented the use of blockchain technology “to generate a solution against climate change”. “We use blockchain technology to guarantee that, actually, carbon credits are cancelled in the corresponding registry, and to ensure that the money from the sale goes directly to the source of the project“, Benedito explains.

In our platform you can find the projects where to offset your carbon footprint and you can select the one you like best” he says. In addition, he points out that through this mechanism the platform manages to reduce the costs of the transaction between 30 and 40% and also the time spent in the sale that goes from the 2-3 months it used to take before, to five minutes on the platform. He indicates that the price of the carbon credit equivalent to one ton of CO2 varies depending on the value of the intangibles, but the global average price is 15 euros per ton, while in Europe, the “largest market in the world”, the average price is 25 euros per ton of CO2.

ClimateTrade is currently working with more than 20 international companies with more than 150 projects, which give access to more than 1,000 projects worldwide. It has more than 25 corporate clients and more than 3,000 individuals and ClimateTrade expects close this year with a turnover of between 1.5 and 3 million euros. “The next step is to grow the platform worldwide as much as possible in strategic countries, increase the turnover and the number of customers. That is the top priority”, says Benedito.

Among the companies we are working with, there are large multinationals such as Iberia, Telefónica, Meliá Hotels or Danone. One last important corporation to join in was the energy company, Acciona, with them we have closed a strategic alliance in February to empower the climate trading platform for carbon emission rights. “We hope to be a strategic partner for a long time,” says the CEO of the Valencian startup.

In addition to promoting projects linked to the reduction of CO2 emissions, ClimateTrade also helps companies in their sustainability objectives and supports other green projects. A good example is a project in Ivory Coast to help women communities make a living by planting ginger, an activity that allows them to provide for their families. Another is the cryogenization of corals in Mexico, in order to safeguard these organisms.

Here in Spain, the platform collaborates with the companies Bosques Sostenibles and Co2 Revolution in reforestation projects. In the Valencian Community we do not have any project so far, although Benedito explains that they are considering several possibilities for reforestation projects. Finally, he announces that they will shortly launch a “shocking” ocean regeneration project about Posidonia.

carbon-offsetting-benefits

ClimateTrade and Acciona for renewable projects

ClimateTrade and Acciona for renewable projects 656 420 Climatetrade
  • This collaboration agreement with Acciona will allow us to integrate into our platform Certificated Emission Reduction (CER) from renewable projects with a high social impact, which meet specific Sustainable Development Goals (SDGs) located in various developing countries, such as Mexico, Chile or Costa Rica. 

The Spanish corporation Acciona, leader in sustainable solutions for infrastructures and renewable energy projects, is pioneering the use of blockchain technology to ensure the traceability of the 100% renewable origin of the electricity generated at its facilities and also of the electricity stored in batteries. Now, the company will drive the internationalization of our carbon credit trading platform.

Acciona will provide Climatetrade with emission reduction certificates (ERCs) from renewable projects in several developing countries, such as Mexico, Chile or Costa Rica, which will be tradable under the United Nations’ Clean Development Mechanism (CDM). 

In addition, the company will provide information on corporate social responsibility initiatives associated with the renewable projects involved and linked to the sustainable development goals (SDGs).

“By committing to the ClimateTrade project, we are aligning ourselves with a triple strategic objective for Acciona: the fight against climate change, digital innovation as a lever for the energy transition and social responsibility towards the communities where we develop our projects”, said Mikel Ortiz de Latierro, Director of Prevention, Sustainability, Environment and Quality at Acciona’s Energy division.

Carbon offsetting marketplace

Our platform connects project developers that generate emissions rights to companies needing to offset their emissions to achieve their carbon footprint reduction goals or comply with environmental regulations in the market. 

Besides, we are providing this service to those companies that wish to offer their clients the possibility of offsetting the emissions originated by the purchase of a certain product or service.

ClimateTrade facilitates and speeds up the transactions in the carbon market, opening up a very interesting and innovative business perspective within the framework of the transition towards a carbon-free economy.

Francisco Benedito, CEO of ClimateTrade, says that “going hand in hand with the world’s leading utility in sustainability, with large renewable projects, with great social content and which meet several ODS’s, means taking the platform to the next level. We thank  Acciona for increasing its trust in our project, allowing us to carry out a greater number of large transactions with corporate clients, as well as the confidence to be able to develop new projects related to energy and emissions rights, based on its expertise in the construction, energy and technology scopes”.

sustainable-business-corporate

ClimateTrade joins the Beauty Cluster Barcelona ecosystem

ClimateTrade joins the Beauty Cluster Barcelona ecosystem 809 420 Climatetrade

Leading companies from the perfume and the beauty industry, are walking together towards a more natural and sustainable path, with the objective to move forward in their fight against climate change.

Moreover, in February we will participate as speakers in the 5th Beauty Innovation Days Forum to promote a positive environmental impact in the beauty industry, working on the cosmetic and perfume Chains by changing the system from the product creation and manufacture process to the final marketing and selling step.

net-zero-emissions

ClimateTrade will offset the carbon footprint of the 100 Bcorp leaders attending the Climate Summit in Madrid

ClimateTrade will offset the carbon footprint of the 100 Bcorp leaders attending the Climate Summit in Madrid 420 420 Climatetrade

We are pleased to announce that ClimateTrade will be the Carbon Positive Partner of B Lab Spain and as the first action, we have offset 265 tCO2 of the 100 B Corporation Leaders who attended the last UNFCCC plenary. We have done it with the maximum positive impact, calculating the carbon footprint of the trips from the Pacific Islands, 18,000 km from Madrid. The reason for choosing this specific place is because many of these island will be gone by 2050 due to the sea-level rise, which we consider a really unfair forecast.

It has been calculated on a One Way trip basis, through the CeroCO2 calculator (A great partner of B-Corporation and ClimateTrade) and offset through the certified Gold Standard carbon credits.

co2-project-investor-day

Climatetrade has been awarded as Best Start-up in the first edition of Valencia Investor Day.

Climatetrade has been awarded as Best Start-up in the first edition of Valencia Investor Day. 631 420 Climatetrade

Climatetrade has been the winner of the first edition of the Valencia Investors Day, held last month at the Palau de Les Arts, organized by Big Ban Angels and the Valencian Association of Startups, the jury cheered the proposal to regulate CO2 emissions through Blockchain technology.

It also offers the possibility of including any person willing to voluntarily offset their CO2 carbon footprint in their daily lives. Through our platform, the user can take actions aiming to offset polluting emissions such as refueling, receiving a package from a shipment or taking a flight by supporting sustainable projects worldwide.