NewsImpactIntroducing URECA: The Algorand-Powered Climate Investing Platform Democratizing Access to Carbon Financing

Introducing URECA: The Algorand-Powered Climate Investing Platform Democratizing Access to Carbon Financing

By

Algorand Foundation

  • Algorand Impact Summit attendees can offset their visit easily with URECA  
  • URECA recently launched MICEcarbon, a carbon credits tokenization platform, to decarbonize the events industry.  
  • URECA and the Mongolian Ministry of Environment & Tourism signed a MoU to help Mongolia achieve its climate change targets. 

Algorand Foundation has partnered with URECA to offset carbon for the Algorand Impact Summit. Attendees are being encouraged to offset the carbon from their flights, hotels, and commutes using URECA’s climate investing platform. (Did you attend the Impact Summit? Offset your carbon now.) 

Founded in 2022, URECA offers individuals and organizations the ability to buy, sell, and trade verified carbon credits from leading renewable energy and reforestation projects. By investing in these credits, users directly support initiatives that reduce greenhouse gas emissions and help address the climate crisis. However, URECA's mission goes beyond simply providing another venue for carbon credit transactions. The startup seeks to revolutionize participation in the carbon market through its groundbreaking technology built on the Algorand blockchain. Algorand provides the secure, scalable infrastructure needed for URECA's vision of democratizing access to carbon credits globally.

In a bid to decarbonize the events industry, URECA recently launched MICEcarbon, a carbon credits tokenization platform built for MICE—meetings, incentives, conferences, and exhibitions. The purpose of the platform is to meaningfully reduce and offset carbon emissions through verified, high-quality carbon credits. Transactions for carbon offsets can be as low as 10kg to multiples of one metric ton, and they're all tracked transparently on the Algorand blockchain. Now, URECA is partnering with Jublia, a complete events engagement platform trusted by the MICE industry, to help enable carbon-neutral events globally. 

At the Algorand Impact Summit, URECA announced its partnership with the Mongolian government. URECA and the Mongolian Ministry of Environment & Tourism have signed a Memorandum of Understanding (MoU) to help Mongolia achieve its climate change targets as outlined in the United Nations Framework Convention on Climate Change and the Paris Agreement. The MoU's primary goal is to establish a voluntary carbon market in Mongolia which is crucial for the country's sustainable development and resilience to climate change. URECA will work with the Mongolian government to build a blockchain-based national carbon registry.

The partnership will also help scale up the “Coal to Solar” project. This initiative aims to unlock financing for projects where households switch from traditional fuels to solar energy. It utilizes AI and blockchain technologies to verify the reduction of emissions digitally. This scaling up is supported by upcoming bilateral agreements, such as the one between the governments of Singapore and Mongolia. The goal is to speed up efforts to address climate change, bringing additional benefits to local communities and the economy. To learn more about the "Coal to Solar" project, you can read this article and watch a short video introduction.

Matt Keller, Director of Social Impact at Algorand Foundation, said: “URECA touches on two key areas we are focused on at Algorand: environmental sustainability and social impact. Broadening access to credits allows citizens to participate regardless of who they are or where they might be, and by doing so, URECA becomes part of the movement that is building for a more sustainable and prosperous world.”

By reducing frictions and opening the market to more participants, URECA—with the help of Algorand—is reinventing carbon offsetting for a greener future.

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