It is no secret that the gaming industry is in dire need of enacting immediate carbon footprint reduction. In a 2019 UN report, gaming and electronic waste were touted to contribute over 50 million tons of electric waste annually. While pivotal to the journey of achieving net zero, carbon offsets have gained a fair share of bad reps through ‘junk’ carbon offsets due to problematic projects and a lack of transparency and traceability.
But not all is lost. As Singapore and the world speed up towards decarbonisation, there are technological solutions in place today that can support the traceability of high-quality carbon credits and safeguard quality while carbon markets continue to scale exponentially, with the launch of the recent Climate Action Data Trust and the United Nations ESCAP (Economic and Social Commission for Asia and the Pacific) emphasising the importance of a common ESG data registry platform like STACS’ ESGpedia — built in partnership with the Monetary Authority of Singapore’s (‘MAS’) Project Greenprint.
MoneyFM 89.3 Interview Key Highlights
We’re grateful for the opportunity to join MoneyFM 89.3 DJs Glenn van Zutphen and Neil Humphreyson 3 December 2022, to shed light on our latest partnership with Razer Inc. (‘Razer’) on the launch of their Restorify service, powered by STACS’ ESGpedia and carbon credits management platform. Join us, as Kenneth Ng, Sustainability Lead at Razer.inc and Kimberly Lee, Carbon Solutions Lead at STACSdiscuss how Restorify is in place today and empowering gamers and end-consumers to offset their carbon footprint through high-quality carbon credits.
Starting with the gaming industry, Razer and STACS seek to scale this solution to other industries (e.g. hospitality, fashion e-commerce, etc.) to enable them to attain sustainability and carbon neutrality.
Our Carbon Footprint Reduction Solution: Restorify — Providing Traceable, Fractionalised Carbon
Offsets for Consumers by Razer Inc. and STACS
“The carbon market is an important solution to combat climate change, but it is an effective tool plagued with criticisms,” said Kenneth Ng. To solve this, Razer partners with STACS to “make carbon credits more traceable. Consumers can buy what you are responsible for instead of a full credit price. Every credit is traceable through STACS ESGpedia and Restorify helps to make purchases more carbon neutral.”
Powered by STACS’ technology — Restorify is an e-commerce solution launched by Razer that enables businesses to provide traceable carbon neutral checkout for end-consumers through fractionalised high-quality carbon offsets, traceable end-to-end on ESGpedia. STACS is a Singapore-headquartered FinTech company focused on ESG FinTech, operating ESGpedia which powers the MAS’ Greenprint ESG Registry. Restorify provides carbon footprint calculation for mass consumer products and is a payment solution by Razer Fintech.
How do you know when Carbon Credits are being offset and how do you track these?
STACS provides the technology to “fractionalise the carbon credit, breaking into smaller pieces so that consumers can join the game to offset carbon credits,” said Kimberly Lee. “Carbon credits are often a big boys’ game,” so STACS’ solution is to break these down into fractionalized high-quality carbon credits with end-to-end traceability to promote transparency within the system.
How much does a company spend on carbon credits and how does Fractionalised Carbon Credits help?
“To purchase a full credit, you need to spend upwards of $30 to offset a simple thing like a mouse. But with Restorify you can spend 30 cents to offset a carbon footprint of a mouse, which is a fraction of the full credit,” cited Kenneth Ng.
Through the purchase of a fraction of the full carbon credit, consumers are empowered to do their part in making more sustainable purchases. “One carbon credit represents one metric ton of reductions in carbon that has been removed from the earth. A mouse doesn’t emit as much carbon dioxide, but consumers are only accountable for a fraction of carbon emissions,” said Kimberly Lee.
“Secondly, STACS makes it transparent, as all transactions are publicly available at esgpedia.io/carbon-credits. You can see with Order ID from Razer and search the end-to-end transactions, and attributes of the carbon credits that you are buying, for greater traceability [and] transparency.”
What are Razer’s thoughts on contributing these energies (e-waste) as a gaming company?
Razer admittedly “creates a lot of scope 3 emission footprints.” But “when consumers or gamers buy a product, we make sure it is an ecosystem and reparable. The longer the lifecycle, the lower the carbon footprint,” said Kenneth Ng.
“..For the longest time, sustainability has been taking things away from people, thus we want to make sure that they run their equipment at better efficiency.”
Is Fractionalised Carbon Credits the future of sustainability through everyday purchases? How is technology going to drive this?
On STACS perspective, Kimberly Lee shared:
“We want to empower everyday consumers like you and I, to integrate [sustainability and fractionalised carbon credits] into our everyday lives. And therefore, it’s very important [for STACS] to continue collaborating with global leaders like Razer, to push this not only to regional but a global audience, so that we can create maximum impact.”
Empowering all Industries in their journey to Net-Zero
For most corporates, it may seem daunting to start on their net-zero journey. But for businesses (across any sector) with an online check-out page, Restorify can be easily embedded in your e-commerce checkout feature to enable your customers to offset their individual carbon emissions from their product purchase, hotel stay, etc.
At STACS, our ESGpedia platform continues to support carbon markets with aggregated data and digital tools, as well as empower services like Razer Inc. Restorify, which brings accurate and traceable carbon offsetting to the wider community of retail clients, to drive greater society-wide engagement and impact.
We look forward to scaling ESGpedia and Restorify across multiple sectors with our ecosystem of partners. Connect with us.