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Cover image for Plugin's initiative for Carbon offsetting

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Plugin's initiative for Carbon offsetting

“There is no Planet B, we have to take care of the one we have”

A famous quote that we have seen in posters, bags and many advertisement mediums. While all of us are working towards a sustainable environment and renewable energies, emission of Greenhouse gasses is still one of the major threats to our environment. United Nations organization urges countries for a Global coalition to achieve carbon neutrality by 2050. Looking at the causes, transport sector contributes widely to the Greenhouse gas emissions out of which the road transport sector has nearly 40% of contribution to carbon emission.

A lot of initiatives have been taken from the Government, manufacturing, supply chain, IT and other industries to reduce the carbon footprint but one of the challenges is the involvement of the general public in these initiatives. A threat of this magnitude requires participation, not just from companies but also from people around the world.

Plugin has come up with an initiative that will be built on the XDC network which connects the general public and corporations to join hands and reduce carbon emission from the road transport sector.
This initiative encourages road transport users to drive in eco mode and earn actively tradable crypto tokens for reduction of carbon emission. Studies show that Eco-driving has reduced vehicles’ fuel consumption and greenhouse gas (ghg) emissions by an average of 5.5%.

This project will use an IoT based OBD sensor to read the carbon reduction using Eco mode of driving from the user's vehicle and rewards him with a NFT token (Carbon Reduction Token - CRT) for every 100 KG of CO2 they save. Users can use the NFT marketplace to sell these CRTs. Plugin also brings in corporations who want to invest in Carbon offsetting projects to buy the CRT tokens available for sale using XDC or PLI tokens with an optimal exchange fee. After the deal, the XDC or PLI tokens are directly transferred to the user’s account which he can stake, redeem or convert with various options available in XDC Eco System.

Stay tuned for more updates on the launch of this project and other interesting project updates from Plugin.

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