CYNK, Africa’s first verifiable emissions reduction platform, which utilizes a public decentralized ledger to track emission reductions, will start trading its first tokens this quarter.
The platform would make use of the Hedera Hashgraph public decentralized ledger, and trade tokens generated by Tamuwa, Kenya’s largest biomass firm. It is also in negotiations to trade emissions reduction credits from a firm that intends to practice regenerative agriculture on 50,000 hectares (123,550 acres) of land in the East African state and a blue carbon plan.
CYNK proposes regenerative agriculture, blue carbon credits
Regenerative agriculture implies farming practices that assist store carbon while blue carbon is stored by the ocean and coastal systems that would or else be released into the atmosphere.
CYNK is now associated with various new emissions reductions and sequestration projects, the firm said in a financial statement.
Emissions reduction credits are a path for firms and projects that reduce greenhouse gas emissions that would have else occurred during their business or environmental practices to create additional revenue. The credits, which are frequently purchased by polluters to offset their activities, have drawn critique as they allow those companies to continue producing climate-warming gases.
Tamuwa, which established CYNK, generates biomass briquettes from waste well-known as bagasse that derives from sugar milling operations in Kenya. Bagasse emits methane if left to decompose.
The briquettes replace the usage of firewood or charcoal for a variety of purposes, involving the drying of tea, one of Kenya’s major foreign-income recipients. Tea production alone consumes three million cubic meters of firewood per annum adding to deforestation. The Kenya Tea Development Authority is urging its members to use products such as those produced by Tamuwa.
As Kenya depends on energy sources such as geothermal operations for its electricity supply, the greater part of the cooking and several other activities use alternatives such as wood.
The grid is the only component of the energy usage, Nils Razmilovic, Tamuwa’s chief executive officer, said in an interview
Tamuwa strategies to generate five million tokenized VERs over the next five years and CYNK is in negotiations with other companies to join the platform, Razmilovic said.
Its emissions credits will primarily be tradable on CYNK, but it also intends to have them achieve Gold Standard certification the following year. Gold Standard is a program for the verification of non-governmental emission reduction projects.
CYNK was established with money from the HBAR Foundation’s Sustainable Impact Fund of over $100 million, which was announced in March. The Hedera Governing Council established the foundation, which consists of delegates from Boeing Company, Standard Bank Group, and other businesses.
Tamuwa is Kenya’s leading renewable biomass briquette and pellet firm concentrating on upcycling Agri-waste into exceptional renewable biomass fuels. Tamuwa, maintained and operated by the Tamu Group, has recognized itself as the leading renewable biomass fuels producer in the East Africa region, specializing in technology that upcycles Agri-waste into high-quality renewable biomass fuels. Tamuwa offers renewable fuels to crucial industries such as tea production working with local businesses and cooperatives, which generate over 65% of all the tea in Kenya, to global corporations. Tamuwa’s mission is to counteract deforestation in Kenya given that 70% of all energy demand is derived from burning wood.
Tamuwa offers renewable fuels to major industries such as tea production where it works with businesses accountable for more than 80% of tea production in Kenya. Tamuwa’s mission is to prevent deforestation to assist in the combat against climate change. The company continues to build a center of expertise with research into the thermal properties of this form of bioenergy and has effectively partnered with numerous firms in replacing other forms of non-sustainable energy sources with their products.