HKMB Hong Kong Means Business

Hong Kong Means Business Hong Kong Means Business
  • Login / Register

Languages

  • EN
  • 繁
  • 简
  • Events
  • My Feed
  • Contact HKTDC
  • Subscribe
  • Subscribe

Section Menu

  • Market Opportunities
  • Tech & Innovation
  • Entrepreneurship
  • Sustainability
  • Creativity & Lifestyle
  • HKTDC Updates
  • Featured Topics

Languages

  • EN
  • 繁
  • 简
  • HKTDC.com |
  • About HKTDC |
  • My HKTDC |
  • Login / Register |

HKTDC.com About HKTDC My HKTDC

Login Register

Hong Kong Means Business

Section Menu

  • Market Opportunities
  • Tech & Innovation
  • Entrepreneurship
  • Sustainability
  • Creativity & Lifestyle
  • HKTDC Updates
  • Featured Topics

https://hkmb.hktdc.com/en/1X0ALEKA

Tech & Innovation
SAVE FOR LATER
SHARE / SEND

"Scan QR Code" in WeChat and tap "..." to share.

How green is my tally

Putting numbers to the complex question of climate impact.

08 April 2021



Max Song
Max Song, CEO and founder, Carbonbase

Hong Kong technology start-up Carbonbase has devised a fintech solution to the problem many individuals and corporations face – to what extent do our actions contribute to climate change?

Climate technology entrepreneur Max Song founded Carbonbase in January 2020, leveraging his experience in blockchain, venture investing and sustainability to devise a unique formula.

As explained by Mr Song, previously a data scientist in Silicon Valley, the Carbonbase solution applies to both companies and individuals.

Measuring footprints

“Our software enables companies to calculate their enterprise carbon footprint, and use data science to measure, report and neutralise their emissions,” he said.

In addition to simplifying corporate sustainability reporting, the system links companies with a curated marketplace of carbon-offset developers that produce carbon credits — such as through planting trees or distributing cookstoves — from whom credits can be purchased to achieve carbon neutrality.

An online carbon calculator that helps individuals calculate and measure personal carbon dioxide footprints is designed to embed a sense of awareness within the wider community. “Understanding how their lifestyle impacts the environment helps people to make better choices,” Mr Song said. Rewards are offered to those who are carbon-neutral.

Carbonbase also pioneers Artificial Intelligence (AI) and blockchain technology in its solutions.

For example, seeking to address the issue of plastic waste – which contributes to more than 80% of ocean pollution – the company has an idea for a mobile app that applies AI and machine-learning powered by Microsoft Azure to classify and geotag plastic waste. The aim is to inspire the community to take positive action by joining in beach clean-ups, incentivised by points-based rewards, while the data can also be used for marine conservation.

AI for good

For this initiative, Carbonbase won the Microsoft Hong Kong x Swire Trust AI for Good Challenge 2020, which awards innovative ideas designed for local non-government organisations to solve local environmental challenges facing the marine ecosystem.

”We believe that AI and machine learning can play a critical role in remote sensing and monitoring for evaluating and assessing the detection of environmental conservation, from the pilot example we showed at Microsoft's AI for Good, to the use of satellite sensing for tree monitoring,” Mr Song said.  “Historically, the evaluation and follow-up process for the tree planting is very limited, perhaps taking place once every two years, but with more readily available data and also machine-augmented measurements we are able to take much higher frequency measurements.

”Meanwhile, blockchain can create new economic systems, for example, using smart contracts to automatically pay someone every time they complete a micro activity — from planting a tree to removing a piece of plastic. I believe that what we need is a universal system of incentives that allows individuals to visualise and track their personal activities and how it relates to the whole problem.” 

Inspired by Microsoft’s blockchain token-based Badger badge system, Carbonbase is working with leading international conservation groups to design and launch a series of digital art collectibles that will be minted as Non Fungible Tokens (NFTs). Increasingly, prominent artists in the United States have used NFTs  to raise funds for public good causes while allowing buyers to assemble unique and rare collectibles. Carbonbase hopes interest in these NFTs will drive financial resources to fund international environmental conservation efforts.

Corporate foundation

Carbonbase’s business model is built on charging large companies consulting and software fees for calculating carbon footprints, as well as providing a monthly subscription plan for individuals who want to achieve personal carbon neutrality.

“In the future,” Mr Song said, “we may also seek to develop green finance and carbon finance projects in concert with large financial institutions to drive more capital into carbon credit development projects that generate positive social and humanitarian effects while also removing CO2 [carbon dioxide] from the atmosphere.”

Already working globally amid the COVID-19 pandemic, Carbonbase has team members beyond Hong Kong – in Germany, Canada and the US, as well as in Beijing and Shanghai.

“We see Hong Kong as a vibrant and international finance hub, and a jumping-off point to expand our operations around the world, to help as many companies as possible, and also to help developing countries meet climate adaptation needs,” Mr Song said.

“We think that climate change is the most urgent problem of our generation, and as [Mainland] China looks to become carbon neutral by 2060, spending 1.5% of GDP [gross domestic product] on climate transitions every year, we believe that there is an incredible opportunity to be able to work on this problem in the [Guangdong-Hong Kong-Macao] Greater Bay Area, and around the world.”

Related link
Carbonbase

BACK TO TOP ^
CONTENT PROVIDED BY
    Topics:
  • Environmental Protection,
  • Hong Kong,
  • start-ups,
  • green energy,
  • Green Tech,
  • Green Power
  • Environmental Protection
  • Hong Kong
Home

Article Topics

ARTICLE TOPICS

ENVIRONMENTAL...24652
HONG KONG36026
START-UPS98715
GREEN ENERGY132272
GREEN TECH110148

ARTICLE TOPICS

ENVIRONMENTAL PROTECTION24652
HONG KONG36026
START-UPS98715
GREEN ENERGY132272
GREEN TECH110148
GREEN POWER137177

interest_article

YOU MAY BE INTERESTED IN

12 December 2022

Solar prospects shine bright

14 November 2022

Eco Expo Asia 2022

24 October 2022

Painting a greener picture

05 October 2022

Guidance on going green for SMEs

Related Events

RELATED EVENTS

27 February - 2 March 2023

Building for the Future, Indonesia

19 - 21 April 2023

Asian Licensing Conference 2023

26 - 29 October 2023

Eco Expo Asia 2023 (Physical Fair)

26 October - 6 November 2023

Eco Expo Asia 2023 (Click2Match)
FIND AN EVENT

Social Share

FOLLOW US

GET WEEKLY UPDATES

newpaper-img

GET OUR WEEKLY EMAIL UPDATES

banner-img


I acknowledge that the above information may be used by the Hong Kong Trade Development Council (HKTDC) for incorporation in all or any of its database for direct marketing or business matching purpose (and may therefore become available to the public within and/or outside of Hong Kong for use by them), and for any other purposes as stated in the Privacy Policy Statement; I confirm that I have the consent and the authority of each individual named in this form to release their personal data for the purposes stated herein.


*For non-EU/EEA customers, please skip this box which is solely for EU/EEA customers as required by the relevant data protection law in the EU.

THANK YOU

Thank you for registering.

SHARE THIS STORY

EMAIL
LINKEDIN
WeChat
FACEBOOK
TWITTER
WHATSAPP

ID: HKTDCofficial

Don't have an account?

Create An Account

successfully added on your preferences.