Everimpact, STACS tie up to provide carbon tracking platform to banks, firms
This will increase trust and transparency in the carbon market
ESG fintechs Hashstacs Pte Lts (STACS) and Everimpact collaborated to provide banks and corporates with a carbon tracking platform that will enable transparency in their carbon credits.
In a joint statement, the fintechs said the first phase of the project includes technical integration of Everimpact’s digital monitoring, reporting, and verification (MRV) carbon tracking platform to ESGpedia.
This will enable transparency in the carbon credits lifecycle as credit buyers and users can access data through a common and standardised registry, ESGpedia.
Buyers will also have access to end-to-end traceability of the carbon credits which records data such as transaction and ownership details of each carbon credit and the immediate retirement or credits upon purchase to prevent double-trading.
“This is especially important in ensuring that the money used to buy carbon credits goes towards contributing to an actual net positive climate impact,” the statement read.
The MRV tracking platform will also measure greenhouse gas emissions more accurately through satellites, sensors, traffic, buildings, and other internet-of-things devices.
The fintech firms noted that the carbon market is facing hurdles in the form of greenwashing due to issues of double-counting, lack of digital infrastructure to facilitate MRC, and data fragmentation.
These challenges undermine the trust in carbon credits and hamper their contribution to net-zero goals.