New Delhi, April 19, 2023. AlgoBharat, the India arm of Algorand Foundation, launched its campaign for sustainable Web3 solutions to enable rural communities gain access to and participate in carbon markets. A partnership with the State of Telangana marks the beginning of the campaign. The partnership would drive the deployment of blockchain-based solutions that support sustainable practices including product traceability and transparency and financing for carbon offsetting projects. The partnership would also impact farmers by enabling to adopt environmentally friendly practices such as organic farming, agroforestry, crop rotation and solar power harvesting- practices that support carbon sequestration, greenhouse gas emission reductions and climate change mitigation.
Carbon and other sustainable credits are very complex to track with traditional methods, making the process unaffordable for many. To tackle this, AlgoBharat is coordinating with ecosystem companies building on Algorand to provide a blockchain-enabled solution that makes it easier to generate verifiable sustainable credits.
Blockchain technology ensures transparency, traceability, and accountability in the generation of sustainable credits. Farmers, for example, will have the ability to record and verify their sustainable farming practices on the blockchain by creating a trustworthy and immutable record of their efforts. Moreover, they could generate verifiable credits that could be traded on carbon markets, creating new revenue streams for the farmers and other populations whose livelihoods are critical to Bharat’s robust economy.
Telangana State Principal Secretary Jayesh Ranjan noted, “Sustainability is essential for us in Telangana, and we are eager to support the adoption of sustainable practices -- including by our farmers who are such an integral part of our community and are on the front lines of dealing with climate change. We are excited to foster innovative solutions that empower our citizens to earn and create liquidity through carbon credits. By deploying blockchain based traceability we will enable funding, provide infrastructure to monitor and record sustainable processes, generate credits according to recognized registries, and finally access markets for liquidation and fund realisation. Our solution with Algorand will automate and democratise the process so that even our farmers have access to the same opportunities as large corporations.”
Celebrating the significant announcement on the occasion of Earth Day, Algorand Vice President and India Country Head, Anil Kakani said, “We have a strong commitment at Algorand to drive the use of blockchain for real world solutions that deliver greater inclusivity. Imagine a world where a farmer in a rural village in India can earn carbon credits for her sustainable practices the same way a commercial landlord can for using energy efficient light bulbs in a New York City building. That’s where we are headed, driven by the innovative Web3 solutions being built on Algorand.”
The AlgoBharat team is looking to develop new partnerships for sustainable Web3 solutions across India with a goal of providing rural communities access to carbon markets and empowering their residents to become climate entrepreneurs. AlgoBharat’s push for Web3 solutions in India that promote eco-friendly practices aligns with the Foundation's overarching mission to drive innovation in blockchain technology while promoting real world utility.
