Coorest, a Polygon-based carbon compensation project has emerged as the first Web3 initiative to earn an officially verified carbon standard. The Polygon team announced the development in its release on Thursday. According to the announcement, the Coorest Carbon Standard (CCS) was certified by a official UN auditor, Earthood.
This development makes the newly certified CCS a good alternative to other pre-existing carbon standards on the carbon market. Now, its new standard makes the project eligible to explore blockchain for any carbon compensation processes. Notably, its exploration of blockchain tends to enhance traceability and accountability to the process. This, as reported, usually materialize through the satellite monitoring of carbon “capture projects and the validation of carbon capture with satellite data via the Floodlight Chainlink node.” The feature runs as a proof of actual carbon capture, ensuring that Coorest’s carbon tokens get backed by absorbed CO2.
Also, its “distributed ledger eliminates the presence of intermediaries, thereby allowing “anyone with an internet connection to account for their carbon footprint.” As revealed, every generated revenue thus becomes “fairly redistributed to actual contributors, like farmers and landowners, who create and maintain carbon capture projects, incentivizing conservational efforts at the grassroots level.”
Furthermore, Coorest seeks to develop a decentralized ecosystem for carbon emission compensation on Polygon’s network. Its solution, NFTrees creates $CCO2 tokens , sold or used as a “carbon compensation by linking them to real-world trees.” More so, the compensation protocol banks on the immutability feature of blockchain to facilitate transparency to the processes incurred carbon compensation.
Coorest Carbon Standard is a new benchmark for CO2
Occasioned by this development, the CCS becomes a new benchmark for CO2 compensation. It intends to “leverage distributed ledger technology to eliminate unfair and opaque carbon offset practices.” Through the collaboration with Polygon, Coorest aims to redefine how people and organizations effectively account for their carbon footprint. This, as revealed, tends to “bring about impactful change for a better tomorrow.”
Meanwhile, Coorest in its own blog post shared the methodology of the new CCS. According to the project, the methodologies includes “a strict set of rules for carbon capture projects.” One of such rules mandates the additionality of carbon capture. More so, Coorest says carbon capture projects are only allowed to “tokenize carbon from newly planted trees that respect the biodiversity of the region.” Also, the protocol said the rules allows the planting of native trees species and prohibits the use of invasive species.