Greenwashing is a practice used by companies to cover their eco-unfriendly behaviour. These companies tend to provide misleading information on their sustainability record. Spending money and effort on advertising their “sustainability” rather than actually being sustainable.
It’s becoming increasingly popular for companies to invest in sustainability campaigns and promotions. The end goal is to deceive the environmentally-conscious customer. They want to make people believe that their actions have a less negative impact on the environment. Not to mention the false information they provide about greenhouse gas emissions. The carbon credits market not only failed to solve the problem but has, instead, largely contributed to it. Incentivizing corporations to reduce carbon dioxide emissions didn’t go as planned. Instead, by allowing companies to buy carbon compensation certificates, the demand has only increased.
What about double counting?
Double counting happens when an accountant records data on a company’s ledger more than once. In the environmental context, the expression stands for the over-counting of carbon compensation. This further creates a discrepancy between the theory and practice of carbon offsetting. Double counting occurs in the carbon credit market in two ways.
- A company can over-count its compensation offsets.
- Two parties can claim the same removal.
That is why we came up with an initiative to solve double counting. We have introduced a reliable and transparent blockchain solution that makes double-counting impossible. Our NFTrees are linked via the blockchain to real-world trees. This means they cannot be copied, since they are all unique. When NFTree owners burn their $CCO2 tokens, they get a Proof of carbon compensation certificate(PoCC). This way, the holders receive real-time information containing the location, data and the amount of compensated carbon.
What is sustainability?
Sustainability refers to the social, economic, and environmental effects of an organisation. By using sustainable technologies, humanity is able to create and keep production over a long period of time. It is a great way to ensure the continued existence of any company. We are not only concerned about preserving the natural environment. Here at Coorest, we also care about the economic and social dimensions. For a community to sustain itself, there should be a balance between all pillars. These areas are also known as the Triple bottom line. The triple bottom line stands for: planet, profit, and people. The main focus of an investment should be on the environment. One of the ways to ensure the company is following the green standards would be by regulating its carbon emissions. While adhering to rule number one, the organisation should also consider profitability. Not only the financial aspect of it but also the impact on the global economy. Creating job opportunities and contributing to the gross domestic product of a nation is equally important. Sustainability plans should also aim to actively involve customers, employees, investors and stakeholders.
How is Coorest contributing to the cause?
We created an ecosystem with an aspiration to ensure sustainable development. Coorest contributes significantly to preserving biodiversity through reforestation. We are also focused on projects that are to provide food and clean water. We care about protecting animals’ habitats and existence. We are working on encouraging the communities to cooperate for the sake of the planet. We built this business model focused on the farmers who are directly involved in plantations; along with new sources of income, our projects will create new job opportunities.