HBAR Foundation Launches $100 Million Climate-Based Impact Fund, Declaring DOVU its Inaugural Beneficiary

The HBAR Foundation, a philanthropic and independent subsidiary of distributed ledger company Hedera Hashgraph, has announced the launch of the environmentally conscious Sustainable Impact Fund (SIF), intended to advance the development of climate-conscious solutions within the Hedera ecosystem.

The first recipient, a Welsh blockchain company called DOVU, has been awarded an undisclosed share of the $100 million treasury to pursue their open-source Guardian technology to develop publicly transparent mechanisms, such as their audit trail, to reduce CO2 emissions. -verify compensation data.

A Supporter of the Crypto Climate Accord, Dovu’s Carbon-Focused Market Cap Platform aggregates a wealth of real-time quantitative data on all Ethereum-based projects, tracking and openly publishing their carbon debt based on transaction output, and suggesting tokenomic negative measures through investments in Dovu’s native asset, DOV.

Stablecoins Tether (USDT) and USD Coin (USDC) currently occupy the top two places with valuations of $64,514,997 and $11,361,957 respectively, while Wrapped Ethereum (WETH) is in third position with $2,722,699.

Dovu works with rural farming communities around the world to determine and report on soil carbon concentration levels and cultivate a circular economic model in which farmers are encouraged to take the element out of the atmosphere and return it underground for the access to the sale of carbon credits in the marketplace.

The HBAR Foundation was established in mid-September last year following a successful vote by Hedera’s Board of Directors two months earlier. Council members voted for an initial allocation of HBAR 5.35 billion in the token treasury — valued at $2.5 billion at the time, and just over $1.1 billion as of Thursday — for investment in an unequal number of projects and developers. that aim to enhance the growth of the Hedera ecosystem.

According to based on data stats showcased on their website, the HBAR Foundation has so far allocated more than $32.1 million in funding grants to 19 projects across four industry sectors, each building on some aspect of Hedera’s consensus algorithm. The sectors include Payments & Fintech, the Crypto Economy, the Metaverse and the newly established Sustainable Impact Fund.

Of the four quadrants available to funding applicants, the Crypto Economy and Metaverse funds are the most populous, with leading brands such as Binance US, Bittrex, Huobi Global, and Moonpay, while the Metaverse category is made up of eight companies, including Venly, Tune.fm. and Calaxy.

Coin-Crypto spoke to Wes Geisenberger, the vice president of sustainability and environmental, social and governance (ESG) at the HBAR Foundation to understand which of the specific 17 environmental goals within the UN Sustainable Development Goal initiative with which the SIF is most aligned and how the foundation anticipates its collaboration with DOVU will positively influence this goal.

Geisenberger stated that the foundation plans to address “all 17 UN SDGs where we can have a measurable impact” and noted that “DLT plays a strong role in that impact”, in addition to specifying their ambitions for the year:

“In 2022, we will invest a significant portion of the Sustainable Impact Fund in beneficiaries addressing the major challenges of climate change (13), renewable energy (7) and sustainable consumption and production (12) as key focus areas.”

Related: Crypto’s Climate Impact: Are Carbon Offsets Good Enough?

Carbon offsetting became a frequent topic of discussion at the COP26 summit in Glasgow late last year, with some experts in the field arguing that the measures are not so much preventive, but rather a method for companies to delay or delay environmental action.

Emphasizing the traceability aspect of DOVU’s technology, Matt Smithies, Dovu’s chief technology officer, spoke about how the company plans to maintain accountability and transparency across the ecosystem using blockchain tokenization.

Smithies stated, “Every actor involved in the audit trail will be included so anyone making a purchase – whether an organization or an individual – can understand the journey from origin to retirement,” before revealing how the unbalanced supply/demand can affect the sector.

“This will continue to drive up the price of carbon – whether it’s a cheaper offset or a verified quality premium carbon credit. Therefore, it will be in buyers’ best interest to reduce their carbon emissions in the first place; if you don’t, it gets even more expensive.”

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