Folks Finance offsets its footprint - Carbon Neutral with ClimateTrade

April 19, 2022 - Folks Finance chose to pursue Algorand’s mission and collaborate with ClimateTrade to offset its carbon footprint.

ClimateTrade is a leader in carbon transparency and tracking that uses blockchain-based solutions to improve the efficiency of sustainability efforts for leading companies worldwide. The company has been partnering with Algorand since April 2021. Folks Finance chose ClimateTrade to become carbon neutral from day one of its launch on Algorand Mainnet.

The partnership goal

Sustainability has been a key component of Algorand since its inception; In April 2021, Algorand made its blockchain carbon negative and took it a step further by achieving a carbon-negative network through several partnerships, including ClimateTrade.

We, as Folks Finance, are also very sensitive to this topic. In fact, we wanted to build our Capital Markets Protocol on a green layer, and together with its technical features, Algorand was the best choice.

Algorand PPoS consensus breaks all the prejudices that Bitcoin’s PoW and the other inefficient consensus are arising in the common understanding that links blockchain technology to pollution.

Following Algorand’s example, we also decided to offset our carbon footprint. We hope to be of inspiration for other blockchain builders of the ecosystem to consolidate the mission that Silvio Micali and his team are pursuing.

The Offsetting Process with ClimateTrade

The offsetting process begins with an internal analysis of raw data, such as office electricity consumption and providers, business travels, hardware and software providers, and employee commuting data, as well as the whole business process our company follows. This information is necessary to understand Folks Finance’s environmental impact. After the data analysis, ClimateTrade will provide us with a report on how much our footprint is.

ClimateTrade subsequently will technically assist the team in offsetting our carbon footprint. They offer a marketplace where users can directly offset their carbon footprint by selecting the most suitable carbon offsetting projects from those available. Once purchased…