NEAR Protocol Partners With Flowcarbon to Help NEAR Ecosystem Become Carbon Negative

NEAR Protocol Partners With Flowcarbon to Help NEAR Ecosystem Become Carbon Negative

March 3, 2023

NEAR, the first certified carbon-neutral blockchain, and Flowcarbon, the pioneering climate technology company, today announced the launch of a carbon-market ecosystem that will enable carbon credits to be traded on the NEAR network in the form of Flowcarbon’s tokenized carbon credits. Through this collaboration with Flowcarbon, NEAR will realize its vision to become a carbon-negative blockchain. As part of this partnership, NEAR Protocol plans to offset its carbon footprint through Flowcarbon.

Flowcarbon’s carbon credit tokens will be launched on both Aurora, an Ethereum Virtual Machine (EVM) built on the NEAR protocol, and Near mainnet. Validators will be set up for the purpose of offsetting, and large NEAR holders will be able to stake these validators.

Designed to make carbon offsetting more accessible and transparent, this partnership will help NEAR become carbon-negative, solidifying NEAR’s position as one of the top players in Regenerative Finance (ReFi). From inception, the NEAR ecosystem has prioritized sustainability while crafting a booming technology stack that is infinitely scalable. NEAR’s existing sustainability credentials include supporting Open Forest Protocol, an open-source forestation projects platform to transparently measure, verify, and fund reforestation projects.

Carbon markets are at the heart of ReFi, and Flowcarbon has led the movement to bridge these assets on chain, building the market-leading technical and legal architecture as well as fostering a robust developer ecosystem built atop its tokenized carbon credits. Flowcarbon has developed its tokenization infrastructure together with leading carbon markets stakeholders in accordance with best practices. The company’s tokens are backed one-for-one by carbon credits from the major carbon credit issuers.

Since 2021, ReFi has emerged as a powerful movement throughout the web3 ecosystem.  One core tenet of ReFi is the idea that blockchain technology can be used to accelerate climate mitigation activities, in part by forming underlying infrastructure for the carbon markets.  The off-chain carbon credit markets are opaque, illiquid and expensive to navigate. Tokenization of carbon credits helps create a liquid, transparent and accessible manner in which to transact in carbon credits, thereby increasing their utility and use.

Marieke Flament, CEO of the NEAR Foundation, the Swiss non-profit that supports the governance and development of the NEAR protocol, commented: “The future of our planet is at the top of mind for many of us, and we are thrilled to support this partnership, which we know will help more users around the world directly participate in fighting the climate crisis. The more we can make carbon credit trading accessible, the more people can play their role in creating a safer and more secure future for everyone.”

Dana Gibber, Co-Founder and CEO, Flowcarbon, said: “Right now, there is a real need for innovative technology and re-imagined processes around carbon markets, and we are excited to be aligning with NEAR to accelerate change in this area as effectively as possible. Together we will be pioneering a new chapter in the carbon market ecosystem.” 

NEAR is designed to be super-fast, incredibly secure, and infinitely scalable, with its ecosystem offering multiple funding options to initiatives creating, decentralising, and growing on the protocol. 

About NEAR

NEAR is on a mission to onboard a billion users to the infinite possibilities of Web3 with the Blockchain Operating System (BOS). Leveraging its high-performance, carbon-neutral protocol, which is fast, secure, and scalable, BOS is an industry-first common layer for browsing and discovering open web experiences. NEAR’s front-end is compatible with all blockchains, making it the entry point to the open web for users and developers alike. Established by a community-driven team of engineers and entrepreneurs, NEAR is simple to use and good for the environment.  

About Flowcarbon

Flowcarbon is a pioneering climate tech company building technical infrastructure for the voluntary carbon market.Its mission is to make carbon markets accessible and transparent, enabling billions of dollars to be invested directly into projects that combat climate change. Founded by a team of experienced entrepreneurs with collective expertise in carbon, sustainability, and blockchain technology, and backed by some of the biggest investors in the world, Flowcarbon is committed to driving real impact for people, biodiversity, and the planet.