Paris-based startup Carbonable has received €1.2 million to overcome difficulties in the voluntary carbon market.
The Paris-based business now intends to expand its operations.
The market for carbon offsetting is booming as we rush to achieve net zero. Reportedly, companies invested $1 billion in this area in 2021, and analysts project the industry to be worth $200 billion by 2025. Corporations are discovering that carbon offsetting is an effective strategy for achieving climate balance. Furthermore, it helps to meet crucial sustainability and ESG objectives.
However, complaints have tarnished the market. The absence of transparency and traceability in carbon trading has attracted significant criticism, leading to high levels of greenwashing. Carbonable, a 2021 startup, is using Web3 technology to address these issues.
Guillaume Leti, co-founder of Carbonable said:
“In today’s world, environmental leadership is both a necessity and an opening for businesses. Therefore, including climate contributions in corporate strategies is imperative for sustainability and success. By providing a practical solution, Carbonable empowers companies to implement an efficient strategy for reducing their carbon footprint. We are the only ones who can overcome the three major obstacles of financing, operations, and communications.
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The company from Paris recently received €1.2 million in a seed round. Ethereal Ventures and La Poste Ventures spearheaded the financing.
Carbon independence is a core tenet of La Poste Ventures, a division of La Poste Groupe run by XAnge, according to Olivier Senot, director of innovation at Docaposte, a digital division of La Poste Groupe. We believe that Carbonable is ideally positioned to assist in achieving carbon neutrality more quickly because of a careful project selection process and robust technological foundation.
Carbonable is taking advantage of the expanding carbon offset market by offering a reliable supply of carbon credits with open and clear financing. Carbonable invests in nature-based certified initiatives with an emphasis on biodiversity, local community impact, and carbon absorption, and targets both businesses and individuals. With the help of the startup’s toolkit, users can manage their carbon capture supply while avoiding greenwashing, using real-time web effect reports, blockchain for traceability and transparency, and other features.
Ramzi Laieb, co-founder of Carbonable said:
“To reach net zero globally, major corporations need to first reduce their carbon footprint and then support climate contributions. To properly contribute to carbon neutrality and build a sustainable future, Carbonable guarantees the best execution for investors and offsetters.”
The creative business transforms carbon-offsetting initiatives into digital assets. It becomes possible to achieve better cost, security, and transparency of assets. By enabling businesses to tokenize their carbon removal initiatives, Carbonable allows them to manage and fund such projects effectively. Additionally, this approach helps to mitigate risks by diversifying investment options.
The platform also offers accurate administration of the supply of carbon credits, automated accounting, asset liquidity, and asset traceability throughout the project.
Impact reports compile information to guarantee genuine carbon action and prevent conflicts of interest in the carbon credit value chain.
The startup is employing this strategy intending to preserve a stable climate and promote long-term environmental benefits. Currently, initiatives are active in Africa and South America. Carbonable’s global expansion will continue with the launch of projects in Europe, Asia, and South America scheduled for this year.
Currently, a diverse range of industries such as media, consulting, and Web3 businesses like Argent Wallet are among the clientele. Additionally, cosmetics and medicines, and other industries are also included. Through collaborating with Carbonable, Pierre Fabre is maximizing the impact of their climate contributions. They are accomplishing this by engaging in projects located in Asia and Brazil.
With this additional investment, the project will be expanded, more biodiversity projects will be managed, and partnerships with leading companies will be strengthened.
“We are thrilled to partner with such a high-impact company that is paving the way for carbon neutrality using novel blockchain technology,” says Min Teo, Managing collaborate and Co-Founder of Ethereal Ventures. Their recent successful launch on StarkNet strongly indicates the demand for their upcoming pipeline initiatives.