Green Proofs, Don’t trust, verify.
Actions speak louder than words, especially when it comes to climate change. In this decisive decade, companies and governments need to back up their decarbonization pledges with verifiable data. Without concrete proof, ESG reporting and sustainability claims become empty promises at best and outright misleading at worst.
Fortunately, the number of low-, zero-, or negative-carbon products and supply chains is growing at a breakneck pace. From electricity, to fuels, to commodities like steel, to carbon sequestration, and even cryptocurrencies, there are solutions in nearly every industry enabling organizations of all shapes and sizes to profitably reduce their carbon footprint.
However, verifying the impact of these solutions remains a challenge. Accounting systems across industries are fragmented, and verification processes are opaque. Even companies with teams dedicated to this type of reporting struggle to produce anything more robust than an annual PDF.
We have the technology to do better, much better. Goodbye greenwashing. Hello Green Proofs.
Our vision is for granular, accurate carbon accounting to be embedded into every commercial transaction as taxes are today. From paper to plane tickets, our goal is to provide anyone who wants to increase trust and transparency in their climate pledges with a simple solution to configure applications for issuing proofs about the carbon attributes of their products and supply chains.
Green Proofs is a highly customizable solution for registering and tracking low-carbon products and their attributes in a highly scalable, transparent, and efficient manner. It is an evolution of nearly five years of traceability work in the Energy Web community that takes advantage of the latest technological advances. Using a combination of decentralized identifiers, verifiable credentials, and business logic embedded in smart contracts, Green Proofs makes it easy to establish a transparent audit trail proving that a given unit of energy or a given product (e.g., electricity, hydrogen, carbon offsets, aviation fuel, green steel) is in fact “green.”
Green Proofs is deliberately broad in scope and takes true advantage of Web 3 technology to bring more trust to low, zero, or negative carbon products and supply chains within and beyond the energy sector.
A generic, publicly available production release of Green Proofs for any user is slated for Q3 2022. Today, multiple Green Proof applications are in development with Energy Web customers and members. These applications are configured around three primary use cases: 24/7 matched renewable energy, decarbonized bitcoin, and verified renewable electric vehicle charging.
In Green Proofs, user identities (and their associated credentials, roles, and permissions), low-carbon commodities, and the business logic that defines their various interactions and lifecycles are anchored as unique digital assets on a blockchain. No single party can unilaterally delete or tamper with these data; conversely, many parties can quickly and independently verify the data, eliminating complex and costly data reconciliation processes.
Implementing a digital registry in the global aviation industry is a complex coordination problem. Green Proofs offers a unique commercial and governance model in which producers and buyers not only own the IP underpinning the registry (and capture value from its adoption) but also have the ability to jointly make decisions about its operation as well as the creation and assignment of roles and permissions for users within the system. This creates technical, operational, and financial incentives for market participants to align around a common standard.
Green Proofs streamlines enrollment processes for users by leveraging a self-sovereign approach to identity and access management. In this approach, every participant manages their own identity but acquires roles and permissions through credentialing processes that are jointly established by relevant stakeholders. Embedding identity and access management logic in this way obviates the need for a central administrator to review and approve users and improves security by eliminating a central repository of user data and credentials
Similarly to Switchboard, Green Proofs is envisioned to have an easy-to-use configurator that can be used by any company interested in creating a decentralized traceability application. This configurator should help companies design how the application roles are defined and acquired; what a green proof represents; and how those are managed. In sum, Green Proofs will allow companies seeking to offer / build / operate traceability platforms to define the following aspects in their applications.
Energy Web is building the Green Proofs solution to make it simple for other organizations to launch their own Green Proofs applications and even configure them on behalf of other companies and/or consortia.
Transparency through decentralization
Instead of having a single administrator managed a centralized database, permissioned market participants on Green Proof applications automatically issue different combinations of verificable credentials and/or tokenized attributes according to pre-defined logic configured within the application itself.
Green Proof applications are completely flexible in terms of governance. One or multiple organizations can run the application and determine which standards will apply to issuance of different proofs.
Market participants can trace Green Proof issuances all the way back to their origin, verifying relevant information along the way.
Green Proof platforms are built on open source technologies and do not require purchase of any enterprise software licenses in order to run in a production environment.
Green Proofs’ decentralized architecture provides multiple layers of security for all market participants, maximizing protection of sensitive corporate and/or customer data and enabling self-sovereign data management for organizations.
Today, multiple Green Proof applications are in development with Energy Web customers and members. These applications are configured around three primary use cases: 24/7 matched renewable energy, decarbonized bitcoin, and verified renewable electric vehicle charging.