Filecoin Green, the Protocol Labs initiative to decarbonize the Filecoin network and the greater Web3 ecosystem, has awarded $150,000 through the Regenerative Finance (ReFi) Green Grants Program to the Reneum Institute: a clean energy crowdfunding platform built on the blockchain.
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 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.
Reneum operates as a platform for the identification and purchasing of “digital Renewable Energy Certificates” (dRECs). 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.
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.
Brianna Lee Welsh, CEO & Co-Founder of Reneum Institute 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.”