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Spotted: The construction industry is responsible for nearly 40 per cent of global greenhouse emissions. Yet, while industry actors often claim they follow stringent Environmental, Social, and Governance (ESG) guidelines – it’s difficult to prove this. Now, startup Carbon Title has a new idea for bringing radical transparency to the ESG claims of the real estate industry. The company has unveiled its decentralised platform designed to bring transparency and verifiability to the sector.
The blockchain-powered platform makes it easy for anyone to access and search emissions data from both existing buildings (including carbon emissions caused by lighting, heating, and cooling) and those under construction, and creates a permanent record for each building. Building data is stored as a non-fungible token (NFT), making it easy for companies to benchmark their progress and differentiate their building from competitors.
The platform also uses smart contracts to associate any carbon credits purchased with a particular building, creating a permanent record of each building’s “carbon story” and allowing anyone to trace the credits back to the source.
By providing users with the tools to quickly calculate the carbon footprint of an entire portfolio, Carbon Title makes it easier for organisations to make informed decisions, assess sustainable building options, monitor and track progress, and purchase high-quality carbon removals. It also defends against claims of greenwashing by providing proof to back-up carbon reduction claims.
Data is being used in a wide number of innovative ways to reduce the carbon in the real estate industry. In addition to Carbon Title, Springwise has also spotted projects like an artificial intelligence (AI) platform that optimises concrete recipes to reduce emissions and the use of smart sockets to reduce energy consumption.
Written By: Keely Khoury