0
17.0.2
Washington DC, Vancouver
Regenerative Finance (ReFi) represents a transformative approach to finance, aiming to replace traditional finance's extractive and exploitative practices. This approach fosters a financial ecosystem that can effectively address all stakeholders' present and future needs.
The ServiceNow ESG ReFi application empowers companies, organizations, and their ecosystems to generate climate assets by seamlessly integrating with the Hedera Guardian open-source tokenization engine (https://hedera.com/guardian). This integration is designed to work with the Envision Blockchain Managed Guardian Service (https://guardianservice.io/), utilizing the innovative Hedera Hashgraph Distributed Ledger Technology (DLT) to track climate assets and individual token provenance.
The ServiceNow ReFi first release is primarily centered around a particular certificate category known as Renewable Energy Credits (RECs):
- Renewable Energy Certificates (RECs) are instrumental in quantifying and monitoring the quantity of renewable energy generated from solar energy, wind, and hydro sources.
- Each REC symbolizes one megawatt-hour (MWh) of electricity from renewable resources like solar or wind.
- Following creation, an REC can be securely stored in a blockchain account, transferred, sold to another account, or retired to claim a reduction in scope-2 emissions.
- The applicable Energy Attribute certificate standards (EAC) for conventional renewable energy encompass International REC (I-REC) and Guarantee of Origin (GoO).
Tokenized climate assets offer several advantages over conventional climate assets, including:
- Facilitating the establishment of certified climate asset supplies grounded in precise Measurement, Reporting, and Verification (MRV) data.
- Providing transparent verification of origin and audit data through dedicated interfaces and public blockchain explorers.
- Effectively mitigating the risk of duplicate counting through a verifiable on-ledger retirement procedure.
- Substantially reducing the likelihood of greenwashing for all participating entities.
- Manage registry and registrant profiles
- Define parameters for Guardian integration
- Synchronize policies and policy roles
- Synchronize tokens and token balances
- Registrant to choose roles on specific policy
- Registrant to submit applications
- Registrant to register devices
- Registrant to request Renewable Energy Credits issuance
- Registry to validate application, device, and issuance
- Synchronize trust chains and trust chain steps
- New
- First major release for this integration
- Integration with Managed Guardian Service
- Application from registrant
- Device registration
- REC issuance
- Trustchain generation
- Required plugins and products
- Environmental, Social, Governance (ESG)