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Innovation Tagline:  we build finance engine that converts climate-related risks and carbon-related assets into sustainable value

Project Keywords:  #sustainability, #sustainablevalue, #sustainablefinance, #ESG, #climatechange, #climateaction #climaterelatedrisks, #greenfinance, #hyperledgerfabric, #Electrodo, #TCFD, #FinTech, #tokenisation, #blockchain.

Project Members

  1. Evgen Merzliakov Roman Kravchenko андрей спивак Leonid Khatskevych @Alex Shehovcov @Dmytro Kholodov @Valeriia Volkovych

Prototype Outcomes

a. Pitch Deck

b. Project repository link(s)

c. Link to deployment playground : where your solution is hosted (optional)

d. Upload demo video

Solution


a. Describe the solution

Electrodo - software service for climate-related assets and risk management to increase enterprise market value. Electrodo solves the problem of data/context integrity, data/context reliability, and trust for carbon-related assets lifecycle, climate-related risk management, and ESG reporting by using a standardized framework based on TCFD Recommendations and data verification on the blockchain (Fig. 1).

Using Electrodo companies can track and trace carbon-related assets, set climate-related impact targets and follow up on their progress. Those targets and progress measures may also be accessed by environmental agencies, investors, lenders, insurance underwriters to improve capital-allocation decisions. As result enterprises get financially material outcomes and measurable motivation for sustainable transformation by: getting access to green financing mechanisms (e.g. green investments, green bonds issuing, green funds etc.); avoiding carbon taxes (e.g. CBAM in EU); avoiding loss of stakeholders (e.g. investors, customers, suppliers) and increasing enterprise market value.

Fig. 1 - System architecture

During the Prototype Challenge, we developed a prototype ElectrodoDoc (Fig. 2) that implements the basic functionality for the climate-related disclosure service based on Hyperledger Fabric, FIWARE context broker (Orion), and IPFS protocol. Our solution demonstrates ESG data/context management and self-verification principles in terms of climate-related disclosures' lifecycle: data/context collection and processing, data/context verification, and publication of sustainability report in line with TCFD Recommendations framework.

Fig. 2 - System architecture of ElectrodoDoc


b. Explain why your solution is better than current state-of-the-art or existing solutions

Existing solutions focus only on the ESG or climate-related data/context management and don’t solve the cornerstone problem of creating and managing sustainable (shared) value.


c. Does your solution have any Environmental, Social or Governance impact?

Our solution directly provides ESG impact by solving the problem of ESG data/context management, sustainable asset management and help companies implement a corporate ESG strategy. Our solution contributes to the Hyperledger's Climate Action and Accounting Special Interest Group (CA2SIG) and we have been participating in this SIG since April 2022.


d. Did you socialise your project or interact with the community? If yes, what notes did they give? Please tag their LFID username with "@".

We have been actively involved in the SIG Climate Action and Accounting Special Interest Group since April 2022 thanks to excellent mentoring and facilitation from Woody Moore  (Challenge Ambassador of our project Electrodo), Si Chen and Robin Klemens.

You can also get more details about our community activities:

Project Plan

a. What does project growth plan look like? What timelines are you looking at?

  1. ESG data/context management and self-verification principles in terms of climate-related disclosures lifecycle:
    1. data/context collection;
    2. data/context processing;
    3. data/context verification;
    4. data/context distribution: publication of sustainability report.
  2. June-July 2022 (Launch Challenge)
    1. Development Decentralized Autonomous Organization (DAO) for Voluntary Ecological Market.
    2. Implementation templates for Asset Management (two types of carbon credits of the Voluntary Ecological Market based on Tokenization Standards for VEM).
    3. Advanced integration with FIWARE context broker (Orion).
  3. August - September 2022
    1. Improved version of Reporting (TCFD Disclosures) service.
  4. Participation in i4Trust Open Call (Q3 2022).
  5. Piloting project in Singapore (Q4 2022).

b. How do you plan to engage open source community?

We plan to actively participate in the Climate Action and Accounting Special Interest Group, and contribute to open standards FIWARE and Tokenization Standards for VEM (InterWork Alliance)and thus interact with and engage participants of these open source communities.

c. How will the project be sustained? What are the skills that need to maintain and grow the project?

We are committed to develop a universal interoperable solution based on leading industry standards in data management and thus create an open and trustfull market segment based for the ESG (Sustainability) data economy. Project requires cross-industry knowledge and skills: in institutional economics, voluntary markets for sustainable assets, impact investing and RegTech for the Green Finance market of Singapore, Malaysia, Indonesia, and Thailand.


d. How do you plan for industry option?

Electrodo was the winner and participant of the European research and grant program from Eureka (GlobalStars-Singapore Call): “Achieving sustainable living for residents of public housing (HDB) in Singapore”. Today together with our Singaporean partners under this Eureka program we develop platform for sustainable living in public housing in Singapore. The goal of this project is to educate and motivate for sustainable living behavior through using Clean energy traceability and Sustainable living gamification by “Clean Energy Credits”. Clean Energy Credits are used for offset a tenants carbon footprint and energy bill payments. For this project, we provide Electrodo as a blockchain-enabled decentralized infrastructure for clean energy asset management and payments tokenization. We plan to scale this project with the participation of industrial enterprises in Singapore

We are planning a series of pilot projects in Singapore as part of our collaboration with the EcoLabs Center of Innovation for Energy (established by Nanyang Technological University, Enterprise Singapore, Sustainable Energy Association Singapore).

We are also preparing to apply with Electrodo for the i4Trust Open Call (Q3 2022).


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