Razer Fintech has rolled out Restorify, a traceable carbon-neutral checkout, during COP27. The e-commerce service provides users with opportunities to offset purchases with traceable carbon credits, helps businesses calculate the carbon footprints of their products and promotes transparency and accountability in the process.
For this initiative, Razer Fintech is partnering GoNetZero, ESGpedia and Amazon Web Services (AWS). The goal is to aggregate the end-to-end traceable data of high-quality carbon credits from origination to retirement, made possible by ESGpedia.
ESGpedia is a platform developed by STACS in partnership with the Monetary Authority of Singapore (MAS)’s Project Greenprint. The Greenprint ESG Registry aims to support a tamper-proof record of sustainability certifications and verified sustainability data across various sectors, providing financial institutions, corporates, and regulatory authorities with a common access point for these data.
How it works
Typically, carbon credits are denominated in metric tons and are not conducive to offsetting daily purchases. Restorify fractionalises carbon credits to smaller denominations so it’s easier for consumers to make offsets a part of their daily lives.
The element of credibility comes from only allowing traceable offsets with realised decarbonisation effects on the platform, i.e. emissions related to their purchases have already been offset and are not beholden to promises for actions in the future.
Consumers will be able to view the carbon footprint of a product in their shopping carts and offset products they buy with carbon credits already retired from verified carbon registries.
Consumers who buy carbon credits will receive a certificate that details the carbon emissions offset by their purchase, the projects the retired credits supported, along with location and certification standards. All transactions are logged onto the ESGpedia registry and consumers can track their carbon offset efforts. Ongoing projects will be monitored and reported regularly for verification to ensure the integrity of the carbon credits.
On the business end
Razer Fintech also designed a mass product emissions calculator so businesses without the means to do so can estimate their carbon footprint based on a product’s emissions across its life cycle (from material sourcing to eventual disposal), as well as supporting businesses for certification through partner UL Solutions (ECOLOGO Certification, Environmental Product Declaration Certification, and Product Carbon Footprint Verification).
Razer Fintech will be looking to get partners and over 50,000 merchants under Razer Fintech’s network to integrate Restorify into their existing platform at no additional cost. AWS will also make Restorify available to more than 100,000 partners from 150 countries.
