Poseidon Foundation receives its first €2.1 million contribution
The first €2.1 million contribution will be used to protect 55 million trees in the Cordillera Azul National Park, Peru
Malta, Wednesday 11th April 2018: The Poseidon Foundation (“Poseidon”) has raised its first €2.1 million ahead of its public fundraiser in May 2018. Poseidon is a non-profit that uses blockchain technology to empower individuals to rebalance the carbon footprint of their lifestyle choices through supporting sustainable development projects.
80% of the €2.1 million contribution will purchase carbon credits generated by the Cordillera Azul National Park REDD+ Project. This contribution will protect over 55 million trees within an area more than double the size of Andorra, supporting over 500 local people, and represents the first investment made by Poseidon into Ecosphere+’s conservation projects.
Poseidon is the world’s first blockchain initiative that allows retailers to embed carbon credits into their products at the point of sale, enabling everyday purchases to have a positive impact on the planet’s climate by channeling funding to sustainable development projects. The technology drives behavioral change by empowering retailers to transform their customers’ engagement with their carbon footprint. Rather than making occasional donations, consumers will be constantly connected to carbon positive projects, rebalancing their impact with every transaction. Poseidon will connect retailers to the carbon market, currently valued by the World Bank at just under $10 billion USD, creating demand and unlocking its considerable growth potential.
The carbon credits will all be sourced from forest protection projects associated with Ecosphere+, part of the impact investment Althelia Climate Fund. The Cordillera Azul National Park sits at the intersection of the Andes mountain range and the Amazon basin and is home to around 6,000 plant species, 11 of the world’s most endangered large mammals and numerous indigenous populations.
Laszlo Giricz, founder of Poseidon, said, “We’re extremely proud to have not only received our first contribution, but also to have committed the funds to such a deserving cause. There is a huge amount of activity in the token market, but there is little in the way of action. From the start, we wanted to be different from other blockchain projects; we are dedicated to developing a solution that will address climate change and this first purchase makes it clear that our commitment is real.”
Lisa Walker, CEO of Ecosphere+, said, “The dangers of climate change are there for all to see and yet more still needs to be done – at today’s emission levels, by 2027 we will have exhausted the carbon budget that keeps us within the 1.5°C limit set by the Paris Agreement. Our mission at Ecosphere+ is to scale up global demand for carbon reductions by connecting businesses and individuals with the carbon market, to put an accurate value on standing forests. Our work with Poseidon is an exciting step towards this vision.”