HBAR Foundation Funds Sustainable Projects Building on Hedera

Earlier in March, the HBAR Foundation (the accelerator for projects building on Hedera), announced that they would be allocating $100m to a “Sustainable Impact Fund“. The fund will focus on sustainable projects, such as carbon offsets and other technologies to facilitate compliance with ESG (Environmental, Social, and Governance) targets.

In just over two and a half weeks since its launch, the HBAR Foundation has announced the funding of four grantees.

DOVU

The first recipient of funding was DOVU, a company building tools for carbon offsetting, including a decentralized carbon marketplace.

DOVU partners with farmers who have implemented carbon sequestering, and allows them to tokenize their land and sell it as carbon offsets on DOVU’s decentralized marketplace.

“DOVU chose Hedera for its low, predictable fees, scalable performance, and organization of global governing members that offer a no-fork network guarantee.”

Read more: World’s First Fully Regulated & DLT-Based Carbon Exchange to Launch in Abu Dhabi

TYMLEZ

The HBAR Foundation also provided funds to TYMLEZ, a company that focuses on building tools for companies to track and report on their ESG Compliance Targets. In addition, TYMLEZ provides solutions that allow companies to track the origin of their resources and to verify their green, sustainable, and carbon-neutral credentials for regulatory reporting, renewable energy certificates and carbon credits.

Water Ledger

Water Ledger is an Australian company that is using DLT to redesign water accounting and the governance of water markets. The company primarily proposes the tokenization of water resources, which then could be more efficiently traded (for example the trading of water use rights). Water markets currently transact approximately $20 billion per year, however, Water Ledger aims to bring efficiency and therefore more participation to water markets.

Meeco (Trustury)

Finally, last week the HBAR Foundation announced that it awarded a grant to Meeco.

See Also

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Meeco, a specialist in data and digital identity, announced that they are building a data visualization tool called Trustury, which verifies the provenance of tokens built on Hedera. As well as this, when integrated with the Guardian, Trustury users can “verify a token’s adherence to ESG standards and its associated verifiable credentials”.

Katryna Dow CEO and Founder of Meeco said: “As the Environmental, Social and Governance (ESG) market matures it is vital that we have simple and transparent mechanisms for people, enterprise, and regulators to share the value, and verify the provenance and authenticity of tokenized assets. This ability to share and verify is vital to establishing trust in rapidly growing carbon markets and to non-fungible tokens more broadly.”

Read more: What are the most environmentally friendly cryptocurrencies?