Dungbeetle, a start-up founded by a 17-year-old student at Green School in Bali, is aiming to “wage war on greenwashing” in voluntary carbon markets. The company authenticates small-scale carbon projects using NFT technology – an immutable digital record called a non-fungible token – and then sells the NFT to companies looking to offset their carbon footprint. Proceeds from sales go to the project owners and Dungbeetle takes a 5% cut. The company’s aim is to work with honest and genuine climate-friendly projects that are unable to afford certification from large accreditors such as Verra and Gold Standard, and to make it easier to avoid greenwashing in carbon markets. Dungbeetle has begun by working with projects to restore Bali’s ancient forests, farm ducks organically, and produce fuel from animal dung using biodigesters. While conscious of the high carbon footprint of NFT technology, Dungbeetle’s founder, Freddie Hedegaard, believes the carbon-locking value of the company’s projects offsets the emissions of the technology.
The restructuring capability of blockchain and the concept of carbon credits.
Blockchain technology is being used to create a more transparent and efficient carbon credits market. The global carbon credit market...