The International Finance Corporation, Cultivo, Aspiration, and
Chia Network, today announced the launch of the Carbon
Opportunities Fund (the Fund), a global investment platform that
will raise private capital for an innovative model to source,
tokenize and sell high-quality, verified carbon credits.
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the full release here:
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The Fund will seek to catalyse investments in the voluntary
carbon markets and broaden access to finance for nature-based
projects certified by leading international standards bodies. This
new model for the carbon trading ecosystem will deploy innovative
technologies to help identify, monitor, evaluate and natively
tokenize verified carbon credits.
“This new partnership will foster the standardization of carbon
credits generated in emerging markets and help mitigate climate
change,” said Paulo de Bolle, Global Director, Financial
Institutions Group, IFC. “Nature-based solutions can deliver up to
40% of the carbon removal required to combat the climate crisis.
This new framework that will use new blockchain technologies is an
innovative way for capital markets to fully engage in carbon credit
trading in a transparent, secure, fair, and beneficial manner.”
Cultivo and Aspiration, leading originators and investors in
nature-based carbon credits, will lead the Fund’s strategy and
execution. Cultivo’s data-driven technologies will identify
nature-based projects that recurrently produce high-quality carbon
credits. As one of the anchor investors, Aspiration will advise on
the selection of carbon credits projects and Fund investments. As
the Fund’s carbon credits are tokenized, they will be tracked by
the World Bank’s Climate Warehouse, which was launched on Chia’s
public blockchain, as the foundational architecture to build market
trust by enhancing transparency and securing the integrity of
global carbon trading.
Commenting on the launch of the platform, Dr Manuel Piñuela,
Co-Founder and CEO of Cultivo, said, “We are proud to be partnering
with the IFC, Chia Network and Aspiration to bring this new
platform together. Cultivo's proprietary technology and data-driven
selection process enables us to select high-quality nature-based
projects that meet the high benchmarks necessary for the tokens.
The platform will also provide an important source of sustainable
income for local communities in emerging markets to protect and
regenerate vital ecosystems that are essential for the communities
and our planet’s health.”
Andrei Cherny, Co-Founder and CEO of Aspiration, further noted,
“Aspiration is excited to be the first anchor investor of this IFC
platform to scale the voluntary carbon markets. We look forward to
contributing the insight we have from the significant global
investments we have made into carbon credits projects around the
world to advise and guide this institutional-quality platform to
accelerate near-term, scalable investments into nature-based
solutions that can meet the growing demands of large corporate and
government buyers.”
“This platform is a critical collaborative effort to address the
Climate Crisis, one of the most consequential issues facing the
world today. IFC is driving meaningful innovation in sustainable
carbon finance, and we firmly stand in support,” said Gene Hoffman,
Chia Network Chief Operating Officer. “The Chia technology
demonstrates the value of blockchain infrastructure for real-world
financial markets instruments, only made possible through a
sustainable, secure, and compliant public blockchain network.”
Aspiration has entered into a merger agreement with InterPrivate
III Financial Partners Inc. (NYSE: IPVF), a publicly-traded special
purpose acquisition company, which, upon closing, will result in
Aspiration becoming a listed company as a Public Benefit
Corporation, building on Aspiration’s existing commitments to
generate social and public good and operate in a responsible and
sustainable manner.
About the International Finance Corporation (IFC) IFC—a
member of the World Bank Group—is the largest global development
institution focused on the private sector in emerging markets. We
work in more than 100 countries, using our capital, expertise, and
influence to create markets and opportunities in developing
countries. In fiscal year 2021, IFC committed a record $31.5
billion to private companies and financial institutions in
developing countries, leveraging the power of the private sector to
end extreme poverty and boost shared prosperity as economies
grapple with the impacts of the COVID-19 pandemic. For more
information, visit http://www.ifc.org. Stay Connected
www.facebook.com/IFCwbg www.twitter.com/IFC_org
www.youtube.com/IFCvideocasts www.ifc.org/SocialMediaIndex
www.instagram.comifc_org
About Aspiration Aspiration is a certified B-Corp and
leading sustainability-as-a-service platform that helps
individuals, businesses, and governments scale and automate
sustainable impact. Aspiration has earned the trust of its more
than 7 million members by helping them spend, save, shop, and
invest in both "Do Well" and "Do Good" and has partnered with
dozens of private and public organizations to originate
high-quality carbon credits that meet science-based carbon
reduction commitments through investments in scalable,
high-quality, nature-based solutions around the world. For more
information, visit Aspiration.com or Aspiration.com/business.
About Cultivo Cultivo is a climate-focused fintech
company whose mission is to accelerate investment into nature at
scale. Cultivo uniquely blends technology, investment,
environmental science and boots-on-the-ground capabilities together
under one roof to build and manage portfolios of premium natural
capital. Cultivo provides institutional-grade products to financial
institutions and corporations wanting to invest in natural capital,
and partners with NGOs, landowners, project developers and experts
to do so. Cultivo is a Public Benefit Corporation headquartered in
the United States with operations in Mexico, UK and Europe. For
more information, visit https://cultivo.land.
About Chia Network Chia Network built a better blockchain
to drive real-world use and application. Founded by Bram Cohen,
inventor of BitTorrent, Chia provides a secure, sustainable and
regulatory compliant blockchain setting the standard for the
infrastructure of digital currency and inclusive access to global,
decentralized finance. Through the innovative Proof of Space and
Time consensus algorithm, Chia Network’s public, open source
blockchain leverages hard drive space to create the first new
Nakamoto Consensus since Bitcoin in 2009. For more information,
visit: https://chia.net/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220817005164/en/
For IFC (In Washington) Elena Gex Renjel egex@ifc.org
202-250-1015 For Aspiration Sehrish Sayani and Sofia Doss
ssayani@aspiration.com sdoss@aspiration.com For Cultivo
Edward Hopkins ed.hopkins@darkgreenpr.com For Chia Network
Parveen Singh Chia@FTIConsulting.com
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