Blockchain
DevvStream Launches Buildings and Facilities Carbon Offset Program (BFCOP) to Help Building Owners Generate Revenue from Carbon Reduction Activities
With no cost to join, the program will return a significant percentage of net revenue from carbon credit sales directly to building owners, eliminating the need to develop custom offset projects on their own
Vancouver, British Columbia–(Newsfile Corp. – May 2, 2023) – DevvStream Holdings Inc. (NEO: DESG) (“DevvStream” or the “Company“), a leading carbon credit investment firm specializing in technology solutions, today announced the launch of its Buildings and Facilities Carbon Offset Program (BFCOP), a first-of-its-kind offset project that aims to reduce the barrier to entry for organizations seeking to generate carbon credit revenue within three categories: (a.) energy efficiency activities, (b.) onsite renewable energy generation, and (c.) electric vehicle (EV) charging stations. BFCOP will be rolled out across the US and Canada initially, followed by the EU, and is expected to be active during the summer of 2023. Residential, commercial, and institutional buildings, both new and retrofit, are eligible for the program, and there is no cost to join.
Highlights
- BFCOP is a first-of-its-kind program designed to help building owners in the US and Canada generate carbon credit revenue via energy efficiencies, renewable power, and EV charging stations.
- Residential, commercial, and institutional buildings, both new and retrofit, are eligible for the program. There is no cost to join.
- A significant percentage of net revenue from all carbon credit sales will be shared back with each program participant on a prorated basis.
An estimated 40% of global energy-related carbon emissions can be attributed to buildings-approximately 30% from their operations and the remaining 10% from construction and materials1. According to the Energy Information Administration (EIA), there are nearly 6 million commercial buildings in the United States containing nearly 100 billion square feet of space2, while Canada maintains nearly 500,000 commercial and institutional buildings3. This represents a tremendous opportunity to impact global emissions while simultaneously generating numerous carbon credits with minimal risk to participants. To capitalize on this opportunity, DevvStream will leverage its relationship with Global Green, which offers immediate and direct access to 29 major municipalities across the US as well as dozens of multinational corporations with extensive building portfolios, while the Company’s joint venture Marmota will address the Canadian market through its established relationships with municipal and provincial governments nationwide.
BFCOP Program Details
- Building owners join at no cost and submit one or more buildings to the program. A pre-qualification evaluation confirms that the proposed activities meet the program requirements for credit generation.
- Each program participant is responsible for providing ongoing data to DevvStream, which is responsible for undergoing third-party data verification and credit issuance.
- DevvStream is responsible for managing the sale of credits on a regular basis, and a significant portion of net revenue will be shared back with each program participant on a prorated basis.
“The BFCOP program will enable building owners to generate additional revenue streams from activities that generate emission reductions-activities that they might not be aware can produce carbon credits-quickly and easily,” said Sunny Trinh, CEO of DevvStream. “We’ve developed a robust program with a straightforward onboarding process, advantageous revenue sharing model, professional implementation, and rapid results. We’ve already made progress in signing our first major participants: For example, Marmota expects to sign agreements with two Canadian cities by July and begin issuing credits by the fourth quarter of 2023. These two cities alone have the potential to generate over 650,000 carbon credits per year with over a dozen more municipalities to follow. We expect BFCOP to serve as a true catalyst to reduce the carbon footprint of the built environment by helping generate additional revenue to accelerate decarbonization efforts.”
About DevvStream
DevvStream is a technology-based ESG company that advances the development and monetization of environmental assets, with an initial focus on carbon markets. DevvStream works with governments and corporations worldwide to achieve their sustainability goals through the implementation of curated green technology projects that generate renewable energy, improve energy efficiencies, eliminate or reduce emissions, and sequester carbon directly from the air. DevvStream also helps these organizations meet their net zero goals by providing them access to high-quality carbon credits. For more information, please visit www.devvstream.com.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
For further information please contact:
Focus Communications
Tel: +1 647 689 6041
Email: [email protected]
Disclaimer
This news release contains forward-looking statements, including statements that are not historical facts. All statements other than statements of historical fact included in this release are forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, and which are described in the Company’s public filings available under its profile at www.sedar.com. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as required by Canadian securities laws.
Resources
1https://worldgbc.org/advancing-net-zero/embodied-carbon/
2https://www.eia.gov/todayinenergy/detail.php?id=46118#
3https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/climate-plan-overview/healthy-environment-healthy-economy/annex-homes-buildings.html
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164466
Blockchain
Remittance Market to Hit Enormous Growth of 10.50% By 2033 | Rise in Cross-border Transactions & Mobile-based Payments
Blockchain
Omnichain protocols offer the answer to blockchain fragmentation
Blockchain fragmentation, stemming from the proliferation of diverse blockchain networks, poses challenges for interoperability and seamless data exchange. In response, omnichain protocols emerge as a solution to bridge these fragmented ecosystems.
These protocols aim to create a unified framework that enables communication and data transfer across multiple blockchain networks. By establishing common standards and protocols, omnichain solutions facilitate interoperability, allowing different blockchains to interact seamlessly.
The adoption of omnichain protocols addresses key issues such as data silos, redundant processes, and inefficiencies caused by blockchain fragmentation. These protocols enable businesses and developers to leverage the strengths of various blockchain networks while mitigating the drawbacks of fragmentation.
With omnichain protocols, organizations can achieve greater flexibility, scalability, and efficiency in their blockchain implementations. These protocols provide a foundation for building interconnected blockchain ecosystems, fostering innovation and collaboration across industries.
As blockchain technology continues to evolve, omnichain protocols play a vital role in overcoming the challenges of blockchain fragmentation and unlocking the full potential of distributed ledger technology.
Source: cointepegraph.com
The post Omnichain protocols offer the answer to blockchain fragmentation appeared first on HIPTHER Alerts.
Blockchain
State-owned German Bank Set to Introduce Blockchain-Backed Digital Bonds
Germany’s state-owned bank, Kreditanstalt fuer Wiederaufbau (KfW), is set to embrace the digital age by issuing its first blockchain-based digital bond. This move signals the bank’s foray into blockchain technology and its commitment to driving its adoption in the financial sector.
The bond that KfW plans to issue will be tokenized, marking it as a ‘crypto security.’ This tokenization involves representing the bond on a blockchain, enabling validation of its transactional history and ownership.
Tokenizing bonds offers several advantages, including the automation of various aspects of bond management such as interest payments and maturity settlements. Additionally, it reduces the need for intermediaries in the process, thereby cutting down on overall transaction costs.
Melanie Kehr, a member of the Executive Board of KfW Group, expressed the bank’s innovative approach in testing new financial market products. She emphasized that the issuance of the digital bond under the German Electronic Securities Act reflects the bank’s commitment to exploring innovative solutions in the financial market.
The issuance of the blockchain-based bond marks a significant step for KfW, as it seeks to attract investors and enhance efficiency and scalability in bond transactions. Tim Armbruster, Treasurer at KfW, highlighted the importance of digitalization in increasing efficiency and scalability, emphasizing the bank’s goal of attracting a wide range of investors for the digital bond.
KfW plans to engage in dialogues with institutional investors in Europe to better understand their needs and explore the potential of blockchain technology in fintech. Cashlink Technologies GmbH, a Frankfurt-based fintech company, will serve as the crypto securities registrar for KfW, facilitating the issuance of the digital bond.
The decision by KfW to issue a blockchain-based digital bond underscores the growing interest in blockchain technology within the financial sector. It represents a significant step towards leveraging blockchain for innovation and efficiency in financial markets.
Source: cryptonews.com
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