- The climate-tech start-up will establish its headquarters in Singapore in 2022
- A partnership with The Asia Foundation will see the rollout of the technology starting in Mongolia and potentially more countries in the future
Singapore, 18 July 2022 - URECA introduced today a proprietary technology and platform that is set to democratise the access to carbon credits globally. Starting with renewable energy (RE), URECA’s proprietary end-to-end blockchain based verification system allows virtually anyone currently participating in the RE market to join – from the homeowner with a rooftop solar panel to a company owning a large wind farm.
The technology, consisting of three components – a tamper-proof smart-meter, deep learning based artificial intelligence verification system and a blockchain-based trading platform, was designed and built in-house in collaboration with the Mongolian University of Science and Technology. The three components have been successfully tested through a pilot conducted at the end of last year. The blockchain trading platform is powered by Algorand, which has extensive experience building sustainable long lasting blockchain technology, networks and partnerships, protecting investors while ensuring environmental integrity and real-world solutions for their users.
“Today, it is extremely difficult for small renewable producers to participate in the carbon credit market due to the design of the current carbon offsetting framework. If we want to scale sustainability fast and address the mounting environmental challenges, we need to allow virtually everyone to participate, particularly people from developing nations who will be the most impacted by climate change.”
Orchlon Enkhtsetseg, Founder and CEO of URECA,
“URECA’s mission to democratise the access to carbon credits fits perfectly with Algorand’s goal of building a more sustainable world through technology. We believe our green blockchain solutions can support a strong carbon credits chain of custody, ensuring that there’s real progress made on the ground. We look forward to supporting the roll out of URECA’s solution across the region.”
- Jason Lee, COO of Algorand Foundation,
The technology is starting to be rolled out in Mongolia in partnership with The Asia Foundation, a non-profit international development organization.
“We are extremely excited about the potential of this technology and the concept of using carbon credits to encourage local families to transition to renewable energy, reduce air pollution, but also generate additional income and reduce energy costs. The partnership with URECA will offer opportunities to incentivise and expand a range of potential sustainability initiatives, by creating financial incentives to help actors do the right thing for the environment. We are starting with families in Mongolia, particularly herders and ger district residents in Ulaanbaatar, but with the lessons learned we hope to increase the reach in Mongolia, and eventually see this technology applied to support the decarbonisation efforts of communities in additional Asian countries.
- Mark Koenig, The Asia Foundation’s country representative in Mongolia
Aside from facilitating access to carbon credits, URECA is also focusing on launching a tailored carbon offsetting service that combines carbon credits from common citizen producers as well as commercial renewable producers.
“We want to partner with the right companies. Organisations that are truly making an effort to address their carbon footprints and not using carbon credits as an easy way out”.
- Orchlon Enkhtsetseg, founder and CEO of URECA.
Matt Keller, Director of Impact and Inclusion at the Algorand Foundation said;
“This touches on two key areas we are focused on at Algorand: Environmental sustainability and social impact. Broadening access to credits allows for 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.”
Moving forward URECA plans to expand the reach of the technology beyond renewables, into other high-quality carbon offset projects. The company is already working on electricity and heat efficiency projects and is exploring moving into nature-based solutions. URECA will use a combination of technology and fieldwork to ensure that the verified credits are of high quality and meet the most stringent additionality and permanence requirements.
URECA will be establishing its headquarters in Singapore in H2 2022 and is focusing on expanding its operations across Asia in the upcoming months.
URECA is on a mission to make carbon offsetting affordable and accessible for both renewable energy producers and carbon credit buyers. Today, small renewable producers face difficulties to participate in the carbon credit market due to the design of the current carbon offsetting framework. Whether you own a rooftop solar panel at home, run a large wind farm as a business, or simply looking for carbon credits to buy, with URECA’s proprietary technology and platform, everyone will be able to easily participate in the carbon credit market. For more information visit https://ureca.com/