CNet0 supports organisations in meeting their climate goals by selling carbon offsets that are stored as NFTs, thereby ensuring their legitimacy and adding transparency to carbon reduction efforts.
Carbon offsets are set to become increasingly embedded in the carbon reduction efforts of companies. Estimates suggest that it will grow at least five times bigger by 2030 and be valued at up to $40b.
While many players are already active in the carbon offset market, few have figured out how to ensure high levels of transparency and accountability. Keen to bring her blockchain expertise to the climate space, Dr Nida Khan created CNet0 to tackle these issues and familiarise companies with tools using blockchain.
“I see blockchain as the only solution that will help to resolve the issues that are present in the climate space. Without blockchain-based solutions, it is very difficult to keep track of what is happening where and whether companies are actually engaging in carbon reduction efforts or not,” explains Dr Nida Khan.
The marketplace, which is still in its early stages and looking for more offset projects to join, is unique in the sense that it allows companies to store their carbon offset certificates as NFTs.
“In the blockchain space, legal ownership is indicated specifically by using an NFT. So by storing carbon offsets as NFTs, we want to indicate ownership and legitimise the transaction,” explains Dr Nida Khan.
Whereas many carbon marketplaces let users store their offsets as pdfs – which can be easily manipulated – CNet0 stores the offsets in a secure, mobile-friendly blockchain wallet. Built with Algorand blockchain, the users’ data remains secure and in their own hands.
Woman CEO goes for it
While Luxembourg is lagging behind both in terms of climate innovations and supporting women founders, Nida’s solution is amongst the top 25 semi-finalists globally for the SDG Global Talent Award 2023 which is backed by the World Economic Forum.
In Luxembourg, matters have not been so easy for her, especially outside of the academic world (Nida completed her PhD at the University of Luxembourg).
“I think discrimination is more rampant in the corporate world in general. While there were also few women at the University of Luxembourg, I did not feel discriminated against. It’s probably because the academic space dealing with tech is very open and does not deal with all these inconsequential things,” says Nida.
Although it’s harder for Nida to get the recognition she deserves as a woman CEO wearing a hijab, she has decided to not let people’s biases get to her.
“I told myself let’s go for it the way you are rather than change myself to please people,” said Nida.
Currently engaged in the Euratechnologies incubation programme in Lille, Nida Khan is also working on DCarbonX, a fully-fledged blockchain carbon market allowing users to trade carbon credits, which she hopes to launch in the coming months.
To learn more about DCarbonX or CNet0, see here. To support the solution in the SDG Global Talent Award 2023, vote here.