Hedera’s HBAR Foundation Launches $100M Climate Fund• March 12, 2022 5:22 pm • Comments
The HBAR Foundation has recently announced the launch of a new $100M climate fund where it will support climate-based solutions using the Hedera network.
This is part of the company’s overall initiative to strengthen its market share in ecological markets which it sees huge potential for growth in the near future for blockchain technologies to be involved in.
A few recipients have already received substantial amounts of capital which will further fund their progress in their specific climate projects and further expand the use of the Hedera network.
.@hedera's HBAR Foundation launched a new $100 million fund targeting sustainable development projects.
— CoinDesk (@CoinDesk) March 10, 2022
The first recipient, a Welsh blockchain company called DOVU, has been granted an undisclosed portion of the $100 million treasury to pursue their open-source Guardian technology to develop publicly transparent mechanisms, such as their audit trail, to verify carbon-offsetting data.
A supporter of the Crypto Climate Accord, Dovu’s carbon-centric market capitalization platform aggregates an abundance of real-time quantitative data on all Ethereum-based projects, tracking and openly publishing their carbon debt based upon transaction output, and suggesting tokenomic negation measures through investment in Dovu’s native asset, DOV.
Stablecoins Tether (USDT) and USD Coin (USDC) currently occupy the top two spots with a cost-to-offset valuation of $64,514,997 and $11,361,957, respectively, while Wrapped Ethereum (WETH) makes up the third position with $2,722,699.
The HBAR Foundation is the governing entity behind Hedera and currently has a total of 5.35 billion HBAR within its token treasury.
This amounts to around $2.5 billion dollars indicating that the foundation has a strong balance sheet that it can utilize for further investments and projects to support the growth of the Hedera ecosystem.
So far, the website has indicated that around $32 million has already been allocated so far to fund a number of different projects in different sectors such as payments, fintech, and the metaverse.
The different sectors have been chosen due to being seen as having the greatest growth potential.
In addition to those sectors, the new area of focus has also been the new Sustainable Impact Fund which addresses sustainable energy consumption and climate change.
— Kohei Kurihara -Wish the peace 🇺🇦- (@kuriharan) March 12, 2022
“The open-source guardian is the first of many steps in our investments in ESG markets and building the sustainability economy on Hedera.
This will be a primary building block for application developers to scale quickly as the world adopts Hedera as the natural choice for scalable and transparent sustainability applications,” said Wes Geisenberger, VP for Sustainability and ESG at the HBAR Foundation.
SIF is looking to invest in several types of ESG projects, and other organizations are also exploring blockchain for these use cases.
One of these is the measurement of carbon emissions. Recently, blockchain non-profit MOBI launched a new standard for carbon emissions tracking, the Trusted Trip, which uses decentralized identifiers and self-sovereign identity to track the individual’s journey and its emissions.
Investors are seeing HBAR as a positive long term play as the need for innovative blockchain solutions to solve critical climate issues becomes more and more critical every year.
As Hedera positions itself for growth in these new industries, the company seems to be setup for organic growth despite the current downturn in the markets.
At the time of writing, HBAR has a total market cap of $4 billion and is ranked the 33rd largest coin by total valuation.
Trending on #LunarCrush:
"Hedera’s HBAR Foundation Launches $100M Sustainable Impact Fund" via @CoinDesk
— Anika2001 (@Anika20017) March 10, 2022
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