Poseidon to create blockchain carbon currency
Non-profit eco-driven company Poseidon has announced the launch of a partnered-venture into the creation of carbon pricing technology, beginning January 2018.
Effectively, once created, the carbon currency will enable companies to measure the carbon footprint of their transactions in real terms.
“The landmark Paris Agreement confirmed that a global market for carbon credits is inevitable with a growing demand for emissions reductions and a need for complete transparency and trust in carbon accounting,” Poseidon said.
It will be created using blockchain, the technology behind Bitcoin that acts as an open source digital lender, facilitating online dealings in secure manor.
“There is significant scope for companies to capitalise on the increasing demands of their consumers, investors, and employees to demonstrate sustainability, responsible supply chains, and positive environmental action,” said Poseidon Founder Laszlo Giricz, speaking at New York Climate Week.
“As momentum builds, Poseidon’s blockchain technology presents an opportunity for early involvement in a transparent, accountable carbon market that can provide both financial and ecological returns, offering a host of benefits to natural ecosystems, and the habitats and livelihoods they support.”
Poseidon will conduct a fundraiser for the initiative in January 2018, where after the company will aim to source carbon credits through Ecosphere, an environmental consulting firm that finances a range of environmental assets globally.
It is planned that Poseidon will eventually produce a mobile app, allowing firms to view the carbon impact of their purchases.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.