FiO venturing into the future of carbon credits with Web 3.0

Vyra Wu, DIGITIMES Asia, Taipei 0

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In the face of an impending climate crisis, the global carbon compliance and voluntary credit market are projected to soar to unprecedented heights, reaching a staggering US$2.68 trillion by 2028, with a compounded annual growth rate (CAGR) of 18.2%. At the forefront of this transformative shift stands FiO, a US-SG-based Web 3.0 startup poised to offer a fresh perspective on the carbon credit market.

FiO's innovative platform operates on a hybrid blockchain foundation, providing cutting-edge technology that transforms renewable energy data into transferable carbon credit assets. FiO empowers renewable energy companies to create, track, and authenticate carbon assets effortlessly with simple plug-and-play APIs and familiar protocols recognized by legitimate carbon registries.

George Chu, CEO and founder of FiO, articulates the urgency of the situation, stating, "Our solution addresses the existential challenges in the carbon offsets market, mitigating fraud, double-counting, greenwashing, and manipulation."

FiO's strategic focus on technology-based carbon offset credits has garnered significant traction, with 46 projects initiated by renewable energy companies, spanning solar, wind, biomass, and hydrogen energy across North and South America, as well as Southeast Asia in the next three years. Chu underscores the importance of mature industries with complete AIoT (Artificial Intelligence of Things) technology integration, emphasizing the critical role of accurate data recording and verification in evaluating carbon project quality.

Singapore strives to become Asia's largest carbon trading hub. According to Coherent Market Insights, the Singapore Carbon Credit Market is expected to reach US$55.14 Million by 2030, with a CAGR of 21% during the forecast period of 2023-2030.

Established as a US-Singapore-based Web 3.0 technology company, FiO has collaborated with the American Climate Club (ACC), a non-governmental organization dedicated to upholding the credibility of global carbon reduction efforts. FiO's commitment to quality and compliance is further evident through establishing branches worldwide, including the America-Taiwan Climate Club (ATCC), to meet US and European standards.

With 36 carbon projects concentrated primarily in the US, FiO has amassed a carbon storage capacity of approximately 12 million metric tons. Establishing a carbon pool for managing long-term carbon contracts underscores FiO's commitment to meeting enterprise carbon demands.

FiO's partnership with enterprises extends beyond carbon asset creation to include products like "Carbon Assurance," ensuring the authenticity of purchased carbon credits. Additionally, FiO integrates enterprise carbon purchases into Environmental, Social, and Governance (ESG) assessments, enhancing overall ESG ratings.

In response to the diverse global carbon project standards, FiO has developed an efficient data asset collaboration platform, leveraging blockchain technology to enhance carbon credit liquidity. Continuously integrating international standards such as Verra, Gold Standard, and ACR, FiO ensures compliance with UNFCCC standards.

FiO's holistic approach to carbon project management is underpinned by a commitment to transparency and accountability. Integrating various IoT technologies in the SaaS Pipeline ensures real-time monitoring and carbon calculation accuracy, mitigating risks associated with double counting and fraudulent practices.

As FiO embarks on its mission to identify and monetize carbon assets, its engagement with major energy industry leaders in the US underscores a collective commitment to a sustainable future.

FiO CEO George Chu. Credit: DIGITIMES

FiO CEO George Chu. Credit: DIGITIMES