Eco-technology platform Xels is positioning itself as the future of decentralized climate action disclosure for corporations seeking transparency in their carbon emissions reporting. Xels allows corporations to produce and maintain nft-based records of their carbon offset activities that are certified, traceable, and provide accuracy, as well as being cost-effective for the enterprise world.
More and more corporations see managing their carbon footprint as a critical part of their corporate social responsibility (CSR), driving a carbon offset market that is estimated to be valued at between $40 billion and $120 billion. Moreover, the absence of transparency in climate change and carbon emissions reporting results in customers` distrust in what companies promise, their difficulties in following through the supply chain, and a lack of investor confidence in their pledges.
Xels is repositioning the carbon credit focussed sector of the NFT space to focus on transparent ESG reporting with tokenization as a supplementary feature. Xels believes this will remedy the acute problem of the tokenization and exchange of carbon credits in the space.
Speaking about the Xels platform, a spokesman for Xels commented:
“Many of the world’s largest companies are pledging to take world-changing action on climate change. But the question remains as to whether these actions are verifiable and whether bold statements are misleading stakeholders such as investors. When it comes to climate change, we’re missing the bridge that links consumers, businesses, and investors in a functioning marketplace. Blockchain technology is the missing link that brings consumers, businesses, and investors together on climate change as it lets us account for carbon emissions and transfer verifiable climate action.”
A Step in the Right Direction
Xels recognizes that the use of NFTs creates several issues when it comes to the exchange of carbon credits; the lack of transparency regarding minting retired credits as NFTs. This issue has also been highlighted by three of the largest carbon credit standards providers.
Xels takes a holistic approach with its solution by weaving new connections between many distributed parties around standards and data sharing and has the potential to improve existing mechanisms. The platform not only makes use of the inherent transparency of decentralized ledger technology, but combines that with an effective reporting system which leverages satellite monitoring and AI-driven analysis to verify corporate ESG claims. Consequently, this boosts companies’ ability to defend these claims to stakeholders, including customers and other companies in the value chain.
Corporations can also upload macroscopic information such as photos of carbon offset projects to be verified by the Xels platform, which serves to create an accessible input system for corporations without the resources of the largest in the world. Additionally, Xels’ focus on reporting sets it apart from other NFT-based carbon credit platforms. Xels allows corporations to store their full reporting cycle, meaning the platform can ensure climate action data is up-to-date and accurate. This further increases the credibility of claims made though the platform.
Finally, whilst Xels intends to launch publicly on the Ethereum blockchain initially, the Xels team are quickly looking to migrate to a low-energy blockchain to address energy consumption concerts in the near future.
Launched in 2018, Xels is an eco-technology platform offering a bespoke enterprise blockchain, coupled with a carbon credit-backed digital asset, for companies seeking a transparent and secure way to offset their adverse environmental impacts. The platform uses cutting-edge satellite and artificial intelligence technology to quantify the actual amount of carbon sequestered by ecological projects, including protected ecosystems and reforestation campaigns.
Xels leverages the experience of an expert team to provide integrated end-to-end solutions to combat climate change, led by Takeshi Nojima, a veteran start-up builder, with high-level experience in software, system and game development.
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