Reneum Institute, the clean energy crowdfunding platform built on the blockchain, has been selected as one of the grantees of the $1 Million Regenerative Finance (ReFi) Green Grants Program by Filecoin Green, the Protocol Labs initiative to decarbonize the Filecoin network and the greater Web3 ecosystem. Awarded $150,000, the funding will support Reneum’s public launch in Q2 2023, allowing individual and corporate investors to truly catalyze the energy transition and create long-term climate action.
The two companies are set to address the shortcomings of traditional renewable energy storage solutions for digital environmental assets, paving the way for a new standard of transparency, trust and access to renewable energy markets.
With immediate focus on the 2030 energy transition target, Reneum is a vehicle for funding renewable energy projects worldwide, with a mission to help mobilize the $4 to 6 trillion per year required to realize the energy transition. The Filecoin Green grant is a critical milestone for Reneum’s green ecosystem, the proceeds of which will be applied to further product development and to expand the onboarding of renewable energy projects in emerging markets.
Brianna Lee Welsh, CEO & Co-Founder, commented: “We need to fundamentally rethink the role of carbon credits in our global fight against climate change. Until now, the ReFi movement has mainly focused on carbon, however recent industry trends have highlighted the importance of shifting our focus towards funding renewables through 2030 to reach net zero targets. As we strive to reach this goal, this partnership unlocks further benefits of using blockchain technology as a vehicle for funding climate solutions and enables us to continue to set the standard for green energy transparency.”
Alan Ransil, Founder of Filecoin Green, added: “We’re proud to partner with the Reneum Institute as we drive ReFi into its next era of adoption. Our ReFi grants program extends the work of Filecoin Green, and we look forward to partnering with Reneum as we continue to build the infrastructure that will allow anyone to make transparent and substantive environmental claims. Through the power of open source technology and crowdsourcing, which share so much in common, together we will unleash this new era of transparency, verifiability, and impact.”
Designed to establish a model for Proof-of-Impact, Reneum operates as a vertically-integrated platform for the identification and purchasing of “digital Renewable Energy Certificates” (dRECs) – a form of environmental commodity to compensate for fossil fuel pollution, or “Scope 2 emissions”. Reneum identifies renewable energy projects in emerging markets in need of funding, conducts an audit of their operations, and issues dRECs to project owners to sell on the Reneum marketplace.
In return, dREC buyers receive a “Verified Green Proof” (VGP), a non-transferrable digital certificate tagged to the CO2.Storage folder that represents proof-of-contribution to the renewable energy transition. Functioning as the Fair Trade Label of the green economy, Reneum’s VGPs are the new green standard certifying direct climate action, providing customers and companies with full transparency of attribute data, underlying provenance and environmental credits.
With over 100 solar and wind farming projects from across 25 countries ready for listing, Reneum serves to establish a global marketplace, bypassing inefficient legacy markets to accelerate funding to renewable producers in markets historically neglected. By democratizing access to dRECs, Reneum’s platform gives individuals and companies the ability to participate in renewable funding, catalyzing previously unrealized revenue streams for renewable energy suppliers. Reneum aims to reach $100M sent to renewable projects by the end of 2024, through individual and corporate buyers.
About Reneum Institute
Reneum is building a global green energy marketplace on the blockchain for individuals and organizations to fund climate action. Headquartered in Singapore, Brianna Welsh and Assaad Razzouk founded Reneum with the vision to turn climate frustration into real impact by connecting individuals and companies with renewable energy projects certified via a new form of digitized Renewable Energy Certificate (dREC). Built on the Polygon blockchain, Reneum’s state-of-the-art green marketplace is set to launch in Q2, 2023 and will be available around the globe. With over $4.1M in funding, Reneum partners with some of the world’s most established investors in Web3 and climate solutions, including Outlier Ventures and Ajeej Capital.
About Filecoin Green
Filecoin Green is an initiative to decarbonize the Filecoin Network and the greater Web3 ecosystem. The initiative aims to build open-source tools for Web3 projects to quantifiably measure and mitigate emissions generated from crypto-related activity. The initiative is spearheading a future of verifiably clean energy powered by crypto.