Google and Microsoft are some of the big names that have invested in a new software program that provides 24/7 carbon tracking for companies and governments.
Created by cleantech business FlexiDAO, this new platform has received a $6.5 million (£5.4m) investment led by SET Ventures and backed by Google and Microsoft.
These tech giants decided to invest after using the technology to track their own carbon targets – with both looking to use 100% zero-carbon electricity by 2030.
The software uses blockchain technology to certify and trace electricity from production to consumption.
FlexiDAO claims that given fluctuations in the energy market throughout the year based on time and location, sometimes companies can end up procuring fossil-powered energy when only looking to buy renewables, simply due to available supply.
It states that its new software can be a solution to this; ensuring electricity is tracked at all stages to ensure it’s zero-carbon.
Simone Accornero, CEO of FlexiDAO, said: “With our new partners, we can expand our global footprint and our product-portfolio, offering solutions to support companies through their journey to 100% carbon-free energy.
“This includes the trading and procurement of granular hourly certificates for clean energy, helping customers accelerate their transition to net zero.”
“As Google and others move towards 24/7 carbon-free energy, we need new capabilities that enable us to track with credibility how the carbon-free electricity produced matches what is consumed,” added Maud Texier, Global Head of Clean Energy Development at Google.