Tamuwa, a company specializing in the conversion of agri waste into renewable alternative fuel sources, is launching cynk.io on the Hedera Network through The HBAR Foundation’s support. Cynk.io aims to digitize voluntary carbon markets to provide high quality, transparent carbon credits whilst directly connecting sellers to buyers on the Hedera Network for a better future.
Tamuwa is the first company in Africa to receive a grant from the HBAR Foundation’s Sustainable Impact Fund. The launch of cynk.io on the Hedera Network will drive TPS growth in tandem with Tamuwa achieving its mission of digitizing verified emissions reductions. Tamuwa’s existing technologies coupled with Hedera Network’s efficiency will drive the adoption of blockchain technology to provide transparency and trust in the voluntary carbon markets.
Tamuwa is the leading renewable biomass briquette producer in Kenya. Kenya has enormous potential for the production of briquettes using agricultural waste, especially sugarcane bagasse. According to the Sugar Directorate of Agriculture and Food Authority (AFA) in Kenya, approximately 1.2 million tons of bagasse generated by Kenya’s sugar mills remained unutilized every year. Tamuwa is using these untapped resources and converting them into renewable biomass fuels to reduce the burning of wood for energy, which reduces deforestation.
Tamuwa processes agricultural biomass waste into briquettes and pellets, providing economically viable renewable fuels of high quality which provide greater thermal efficiency compared to traditional wood and charcoal. Tamuwa has partnered with some of the largest businesses in the region, including multinational corporations, for the supply of renewable biomass fuels.
Tamuwa’s launch of cynk.io on Hedera, with the assistance of the HBAR Foundation, will bring high quality VERs to the carbon markets which will drive value to both buyers and sellers of these traditionally opaque and over-intermediated environmental assets. Transparency and trust, using the carbon-negative Hedera DLT, will catalyze the price convergence of VERs to the true cost of carbon. Cynk.io will allow more funding to flow back to the project developers and local communities creating more impact in the fight against climate change.
The social cost of carbon is currently set by the US Government at $51 per ton of CO2 while the current price of the IHS Markit Global Carbon Index for compliance markets is trading at $48.78. The price of carbon credits in the voluntary markets have been trading at a fraction of these prices given oversupply and a lack of trust. Nature-based offsets which traded at an average price of below US$ 5 up to June 2021 and nearly tripled in value into the start of 2022 to around US$ 14.40 according to new data from S&P Global Platts reported by the Financial Times. This is still underpriced with prices of VERs predicted to increase sharply according to a recent report by BloombergNEF. Leveraging technology to capture key data which provides traceability will help accelerate the increase in price for voluntary carbon credits.
Tamuwa will leverage Hedera’s low and predictable transaction fees to facilitate participants in its ecosystem. Cynk.io will connect producers and end users of VERs with full transparency and trust for a better future on the Hedera Hashgraph Network.
About the HBAR Foundation
Founded in 2021, The HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, Sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale.
Tamuwa specializes in the conversion of agri waste, into a reusable, high quality, renewable biomass fuel; Tamuwa premium briquettes and pellets. Tamuwa has partnered with some of the largest businesses in the region, including multinational corporations, for the supply of renewable biomass fuels.