WattCarbon Launches World's First Energy Transition Marketplace, Decarbonizing Buildings as Climate Action
"If we can't cut fossil fuel use, nothing else matters."
SAN FRANCISCO, Aug. 2, 2023 /PRNewswire/ -- Today, WattCarbon debuted its energy transition marketplace, a first-of-its-kind platform for leveraging building decarbonization as an explicit climate strategy. WattCarbon has created a new, high-impact path for climate action that enables any organization to secure traceable, immediate reductions in fossil fuel use and avoids the pitfalls of low-value carbon offset markets.
"Global warming is the direct result of burning fossil fuels. The era of carbon offsets is over. To avoid a catastrophic climate disaster, we need a massive reduction in emissions - today. Buildings are the most direct and accessible path to achieving near-term carbon reduction goals, and will be integral to long term resilience strategies," said WattCarbon founder and CEO McGee Young. "The technology to decarbonize buildings exists, and is ready to be installed. We simply need to go faster."
WattCarbon enables organizations with strong climate objectives to achieve immediate emissions impacts by purchasing the Energy Attribute Certificates (EACs) generated from building decarbonization projects. The proceeds of the EACs go to companies on the front lines of the energy transition, and help them deploy more projects at lower cost for consumers while hiring and training more clean energy workers. Buyers are allocated the EACs from these projects, which range from building electrification, to renewable energy, to demand response, to be retired against Scope 1, 2 and 3 emissions.
View 2023 portfolios at wattcarbon.com.
WattCarbon's marketplace helps companies like New York City-based BlocPower increase the affordability of clean energy upgrades for their customers. "When we decarbonize a building, not only are we creating high-paying jobs for New Yorkers to do the work, but we are also lowering energy use and improving the health and comfort of the building for residents," explains BlocPower CEO Donnel Baird.
Buyers are eyeing WattCarbon's marketplace as a way to ensure that their net zero goals have the desired impact. "We are excited to support WattCarbon's vision to accelerate decarbonization, as investors in their company and as buyers in their marketplace," says Malcolm Cameron of Greensoil Proptech Ventures. "Not all of our emissions can be directly eliminated, as we rely on fossil fuels for a portion of our electricity and heating. With this new marketplace, we can offset those emissions by funding building electrification and clean energy deployment. WattCarbon's marketplace delivers a high degree of transparency and we take comfort that we can see the carbon reduction impact of our investments on an hour-by-hour basis."
Greater Impact Backed By Verified Measurement
WattCarbon's market is powered by the world's most advanced, hourly granular energy tracking platform, providing buyers with transparent measurement and verification of their impact. WattCarbon's platform aggregates emissions data, metered consumption and production data, along with weather and other related data, and converts it all into carbon savings using standardized, open-source methods. "We are taking known energy data and combining it with known emissions data to create the most verifiable impact measurement available," added Young. "Impact-focused buyers are looking for climate solutions that they can trust. Our platform gives them transparency and confidence that their purchases eliminate emissions and helps accelerate the clean energy transition."
WattCarbon's Measurement, Reporting, and Verification (MRV) philosophy is grounded in principles of open source. The company is a member of LF Energy and a contributor to the Carbon Data Specification Consortium and the OpenEEmeter, projects hosted by LF Energy to ensure access to data required for hourly carbon emissions accounting. "We believe in the power of transparency to ensure accountability in voluntary carbon markets. Our software and accounting methods are open source and available for any auditor to review for accuracy. The days of trust, but don't verify are over," said Young.
About WattCarbon
WattCarbon is accelerating decarbonization through the first ever energy transition marketplace, enabling climate buyers everywhere to fund high-impact decarbonization projects backed by revenue-grade reporting. WattCarbon's marketplace offers climate solutions of the greatest impact, with the highest quality measurement and verification, for a carbon-free future. Learn more at wattcarbon.com.
SOURCE WattCarbon
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