Are you ready? Technology is synonymous with the acronym AYR and was presented in New York in May of this year. The starting point is simple: what if, instead of asking a few companies to pay for the carbon emissions they generate, we started rewarding those that don´t? The answer lies in the technology developed by CEiiA (Product Engineering and Development Centre) in partnership with the United Nations: a system designed to calculate saved CO2 emissions, value them and trade credits (with the help of blockchain technology).
23 months of intensive work by a team of almost 80 people were required to conclude the project unveiled on 14 May, in New York, at the Smart Cities New York event promoted by the UNO. “This is exactly what municipal authorities are looking for: solutions that are of real value to their citizens”, said Jerry MacArthur Hultin, co-founder of Smart Cities New York.
The system was first tested in a number of Portuguese cities, including Cascais and Matosinhos, where CEiiA is headquartered. The purpose of the platform is to create new business models that help the environment, using emissions as a tradable economic value. Among several solutions, for example, it will be possible to pay for car parking with saved CO2 emission credits.
The process is broken down into three phases: calculating, valuing and exchanging. The idea is to contribute to the target of reducing CO2emissions by 45% by 2030.
The system is based on a smartphone application, a virtual wallet in which credits are deposited to be used on different sustainable products and services provided by partners associated with the project. An exchange currency based on blockchain technology exists, thereby allowing for the quantification and monitoring of the process.
A revolution
CEiiA classifies the idea as an “authentic revolution”, as it places human beings at the heart of sustainability. “The initial goal is to promote low-carbon mobility habits that are beneficial to the environment, considering that 40% of greenhouse gas emissions in cities arise from activities associated with mobility”, the company declares. The growth of AYR Credits will depend on the partner network.
Changing the world seems easier and part of the solution could consist of a virtual wallet on a person´s smartphone, where transactions are conducted through QR Code readings. Accrued credits are deducted on the acquisition of products and services. For example, you can even pay for a coffee with saved emissions.