Dovu leads HBAR Foundation’s $100M charge into climate conservation efforts
- The HBAR Foundation was created last year by distributed ledger firm Hedera Hashgraph
- Dovu will be the first entity to receive capital from the Fund
The HBAR Foundation, a charitable and independent affiliate of distributed ledger network Hedera Hashgraph has received a $100 million boost aimed at climate-focused initiatives as the firm aims to achieve sustainability. The Foundation explained that the Fund launched as there is a massive “need for greater transparency, auditability, and efficiency of industry impact on the global environment.”
A climate-focused fund
The Sustainable Impact Fund (SIF) will promote environmental consciousness by developing initiatives to work around carbon removal and offsets, carbon emissions, and other environment conservative activities.
“We are excited to announce the creation of the Sustainable Impact Fund (SIF), a critical step in furthering environmental markets and establishing the global sustainability economy on Hedera,” a section of the blog post read.
To lead the charge in providing solutions in line with Hedera’s ambition will be blockchain tokenised data economy DOVU.
The Welsh company will be the first beneficiary of the amount launched for the Fund. Details around the exact figure that Hedera has allocated to power the building of the “trust layer” for carbon offset integrity are scanty.
DOVU, being a champion of the Crypto Climate Accord, enables crypto users to gain trust and confidence in the integrity of the carbon offset credits they buy. After granular tracking of data on Ethereum projects, the firm makes public the carbon debt determined by the transaction output hence could remedy the lack of clarity and transparency around carbon credits.
“Fractured data, lack of trust in participants, and issues around complex and opaque processes have caused issues from double spend of carbon credits to a lack of transparency in the carbon and environmental markets. Markets have not matured in an efficient way that enables the trading of granular assets due to a fear of double spend and complex roles and requirements which has led to a slower market growth than desired,” the post read.
The HBAR Foundation launched last September and was backed with 10.7 billion HBAR tokens, $5 billion. With a goal to enhance the development of its parent ecosystem, the Foundation has ambitions to invest in areas including DeFi, CBDCs, NFTs, and gaming initiatives.
On its part, Hedera provides enterprise-class decentralised application services via its public distributed ledger. The network uses a consensus algorithm that offers higher transactions per second (TPS) than both the Proof of Stake and Proof of Work algorithms do.