VAUGHAN, ONT.—Ontario-based Kontrol Technologies Corp. recently announced it has launched a carbon credit monetization program designed to help firms meet corporate sustainability mandates as part of reaching net-zero goals.
The firm is active in the smart building technologies sector. A Sept. 28 release explained carbon offsets allow organizations to make up for unavoidable emissions by purchasing carbon credits generated by projects targeted at reducing greenhouse gas emissions. Kontrol will initiate energy efficiency projects that deliver measurable energy savings over a 10-year period which will produce a corresponding greenhouse gas emission reduction.
For each ton of avoided greenhouse gas emission, Kontrol will aim to establish one equivalent carbon credit which will then be monetized in the voluntary carbon offset markets.
“We are entering the carbon offset markets with a new and innovative program which seeks to monetize verifiable energy savings, from energy efficiency projects, with corresponding greenhouse gas emission reductions,” said Kontrol CEO Paul Ghezzi in a statement. “Our propriety energy management technology will aggregate carbon credits on a building-by-building basis, while streamlining the monetization process for those credits as a voluntary carbon offset.
“We believe this direct extension of our existing technology platform offers a best-in-class solution in this rapidly growing market and look forward to providing meaningful value to new partners as well as our established customer base.”
The Taskforce on Scaling Voluntary Carbon Markets, sponsored by the Institute of International Finance with support from McKinsey, estimates the market for carbon credits could be worth $50 billion by 2030.
The statement explained the drivers of the growth include corporate sustainability targets to achieve net-zero emissions, government incentives to reduce reliance on fossil fuels, stakeholder engagement and shareholder activism, and consumers demanding more transparency around GHG emissions.