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Upbit Singapore (Upbit SG) announced today that it has offset all carbon footprint since its incorporation and have went beyond its total emissions by purchasing additional credits, allowing it to achieve Net Negative Carbon Footprint. Upbit SG achieved this by assessing its carbon footprint, establishing a Carbon Management Plan (CMP), and offset residual emissions using high quality carbon credits from Gold Standard. The GHG inventory has been verified in a report by TEMBUSU Asia Consulting Pte. Ltd., a leading sustainability consulting company in Asia.
GHG are gas emissions that trap heat in the atmosphere and warm the planet. These emissions include:
Scope 1. Direct emissions from owned or controlled sources;
Scope 2. Indirect emissions from the generation of purchased energy;
Scope 3. All indirect emissions (not included in scope 2) that occur in the value chain of the reporting company, including both upstream and downstream emissions.
Upbit SG measured its scope 1, 2 & 3 GHG emissions by adopting the international standards, GHG Protocol.
Achieving net negative carbon footprint is the result of Upbit SG’s long-term strategy embodied in its CMP, includes consideration into its physical location, IT infrastructure architecture, business operation and outsourcing arrangements. Since its incorporation in 2018, Upbit SG has been strategically located in Keppel Bay Tower, Singapore’s first Green Mark Platinum Zero Energy commercial building. Additionally, optimising Upbit SG’s cloud-native IT infrastructure reducing further both its carbon foot print and operation cost. The pandemic-induced working from home arrangement has also unexpectedly helped to reshape its business operation by reducing travel related emissions during the current pandemic period and beyond. To better control scope 3 of its GHG emissions, Upbit SG has incorporated GHG evaluation into its outsourcing consideration.
To offset its remaining GHG emissions, Upbit SG has engaged GoClimate, an offset retailer, to facilitate the purchase and retirement of carbon credits from 70 MW Bhadla Solar Power in India, a project that is registered under the internationally recognised GHG offset scheme, Gold Standard. The Gold Standard certifies carbon credits from projects that have additionality and are audited by independent third parties. The Bhadla Solar Power project has also been certified by the United Nations Sustainability Development Goals on the basis that the project involves (1) affordable and clean energy; (2) a decent work and economic growth; and (3) contributes to climate action.
“Climate Change is a less acute but much more devastating crisis than pandemic. As it is rooted in our way of life, we cannot tackle the problem without changing it. As a start to Upbit SG’s carbon initiative, we have redefined our business process to achieve net negative emissions. Moving forward, we are actively building technologies and businesses to find new solutions to this old problem.” said Alex Kim, Upbit Singapore CEO.
Upbit SG has disclosed all documentations supporting its net negative emission (Verification Report, CMP, Gold Standard Certificate, GoClimate Certificate) in Luniverse TraceTM, a blockchain-based data verification service. Going forward, Upbit SG plans to obtain the BSI PAS 2060 Carbon Neutrality certification, annually.