The HBAR Foundation, an organization supporting development in the Hedera ecosystem by offering grants and resources to developers, announced the introduction of its Sustainable Impact Fund (SIF) to globally “grow the sustainability economy on Hedera.”
The Foundation will work with initiatives that support key outcomes within the scope of Environmental, Nature-based, and UN Sustainable Development Goal “focused projects and facilitate systemic change for the planet.”
The $100m+ Sustainable Impact Fund (SIF) is “designed to strengthen accountability and transparency in ecological markets.” The SIF will be offering grants to solutions that “strive to solve fundamental problems in climate accounting for participants in the sustainability economy, including projects focusing on carbon emissions, offsets, and removals, as well as other nature-based projects.”
DOVU, building the trust layer for carbon offset integrity, beginning with a carbon marketplace, will be “the first grantee from the fund, providing unrivaled carbon capture support using Hedera.”
DOVU will offer granular traceability of carbon offsets “using the open-source Guardian to make it easy to buy and trust the source of offsets.”
Matt Smithies, CTO, DOVU, stated:
“This fund and grant award is a clear indicator to anyone participating in carbon markets that Hedera is invested in using distributed ledgers or blockchains as a tool to change how the world works, just as we are. It’s really significant for us that DOVU met the rigorous requirements to qualify for this grant. Our mission is to be the trust layer for carbon offset integrity. This can only be achieved by working closely with Hedera and The HBAR Foundation.”
Today, carbon accounting “suffers from data quality issues, measurement and reporting inconsistencies, a lack of trust in participants, and a lack of standardization — resulting in carbon credit double-spending and opacity in the sustainability markets.”
The HBAR Foundation’s Sustainable Impact Fund aims to “address this through funding, expert support, and awareness for Hedera based projects that measurably change how the world works in a strategic and attainable way.”
Wes Geisenberger, VP, Sustainability & ESG, The HBAR Foundation, commented:
“The Sustainable Impact Fund is the first of its type in the industry, setting out to solve critical problems in environmental markets around auditability, discoverability, and liquidity tied to real world assets. Hedera is uniquely positioned to address these markets based on its technical capabilities and adoption in enterprise. Our partnership with DOVU will make it even easier to buy and trust the source of carbon offsets, creating an ecosystem that sustains both the planet and ESG investor needs.”