AtlasXchange, CarbonTerra Launch Web 3.0 Carbon Credits on Celo

Saskatoon, Saskatchewan, Canada

April 4, 2023

CarbonTerra is excited to announce the launch of AtlasX carbon credits on the Celo blockchain. This is the first step in the company’s vision to support carbon neutrality in the global food supply chains.

CarbonTerra in collaboration with AtlasXchange developed the industry-first smart contracts, which allow for the core information regarding the offsets to be stored on-chain. The innovative approach ensures that the offset information is transparent and immutable, allowing for best-in-class traceability.

APF Foundation, whose goal is to provide assistance and benefit to the Celo Foundation and ecosystem, provided US$100,000 to support the launch of the digital environmental asset (DEA). The DEA will be available under the symbol AtlasX on Uniswap, one of the world’s largest decentralized exchanges. A buyer can also retire the credits through a simple process after visiting the Atlas website.

“This aligns with CarbonTerra’s vision to quantify the carbon footprint from agriculture, and assist farmers in making informed decisions to maximize their ROI on sustainable agricultural practices. We plan to combine this traceability of the stored carbon with full farm carbon monitoring solutions to support carbon-quantified food production,” said Jason Mann, CEO, CarbonTerra.

“Celo’s mobile-first approach which makes it easily accessible to farmers; low transaction fees allowing for carbon calculations on chain; and the focus on regenerative finance and commitment to carbon-neutrality very much aligns with our goals,” Mann added.

“We’re excited to see the AtlasX launch on Celo, bringing us another step closer to becoming the on-chain decarbonization ecosystem of choice, and leveraging blockchain technology to unlock climate action at scale,” said Rene Reinsberg, Celo Co-Founder and Celo Foundation President.

The innovative technology allows for information behind each AtlasX carbon credit generated to be stored on the blockchain, enabling transparency and traceability, right down to the square meter of land where the offset was generated, including details that were put in place to calculate its value. Since the entire cycle of the offset is traceable, there is also no possibility of double counting.

The transparency provided by blockchain technology will help accelerate decarbonization of the agriculture industry, which is responsible for 25-30% of global emissions from food systems. The figure, however, is 9-10% for Canada.

“The Atlas Carbon Credit methodology is the next clear evolution of the carbon registry. It allows the highest possible standards to be enforced for carbon credits through the transparency of the entire creation process. Now when you buy a carbon credit through the simple click of a mouse you can see exactly where the carbon credit was produced and an up-to-date report verifying that the carbon is still stored,” said Pavel Bordioug, Vice President, Technology, CarbonTerra.  

“It’s great to see CarbonTerra’s soil-carbon removals live on Celo, sourced from Canadian farmers. Built-in digital MRV paired with science-based methodologies puts traceability and transparency in the center of these digital environmental assets,” said Anna Lerner, CEO, Climate Collective, a leading industry coalition of stakeholders leveraging trusted, sustainable blockchain infrastructure to accelerate climate action at scale     .

Blockchains represent the next generation of climate solutions being created to enable more real-world functionality.

It is also widely accepted that the use of blockchain technology will boost a generation of good quality carbon offsets than more traditional methods, by making the process faster and more transparent. Last year, the International Finance Corp (IFC) revealed that it was backing a blockchain-enabled platform to trade carbon offsets, in an effort to attract more support from institutional investors for climate-friendly projects in emerging markets.

About CarbonTerra

CarbonTerra enables carbon-neutral food production with technology solutions for farmers that simplifies the monetization of carbon offsets, and helps in building a climate-friendly, carbon-neutral agriculture ecosystem that ensures maximum return on investment in sustainable agriculture practices.

About AtlasXchange

AtlasXchange incentivizes climate-friendly agriculture with an ecosystem that aligns the benefits of the carbon credit system with the needs of the agriculture industry.

About Celo

Celo is a carbon-negative, permissionless, layer-1 protocol with a rich ecosystem of global partners building innovative Web3 applications within the DeFi, ReFi, and NFT sectors on Celo. Accessible to anyone with a mobile phone, the Celo ecosystem consists of a decentralized, proof-of-stake blockchain technology stack (the Celo Platform), the CELO native token, and several Mento stable assets (cUSD, cEUR, cREAL) that enable anyone to use digital assets like currency. Launched on Earth Day in 2020, the open-source Celo mainnet supports 1,000+ projects created by developers and artists located around the world.

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