Explore carbon-reduction incentives through “Blockchain Empowered ESG Reward Program” and promote ESG agendas and green living
Hong Kong, 25 September 2024 – The ESG-focused technology company Negawatt Utility Limited (“Negawatt”) from Cyberport and DBS Bank (Hong Kong) Limited (“DBS Hong Kong”) signed a Memorandum of Understanding (MoU) at Cyberport today. Together, the two parties intend to explore carbon-reduction incentives through the “Blockchain Empowered ESG Reward Program”. Negawatt-developed Environmental, Social, and Governance (ESG) platform and innovative app Zero2 encourages businesses and individuals to develop awareness about the environment and contribute to a sustainable future. The signatories were Negawatt’s co-founder and CEO Arthur Lam and Ella Yu, Head of Digital Partnership, Institutional Banking Group of DBS Bank Hong Kong. It was witnessed by Ricky Choi, Cluster Lead of Smart Living at Cyberport.
Arthur Lam, co-founder and CEO, Negawatt, said, “People’s lifestyles are key to the success of ESG, and we are pleased to explore the use case ‘Blockchain Empowered ESG Reward Program’ with DBS Hong Kong. Harnessing the power of fintech, we aim to expand the application of sustainability and environmental protection, especially as the Hong Kong Stock Exchange will raise climate-related disclosure standards for listed companies next year. We believe this initiative can further encourage businesses and the public to lead greener, low-carbon lives together and promote ESG and green finance.”
Ella Yu, Head of Digital Partnership, Institutional Banking Group, DBS Hong Kong, said, “DBS Hong Kong welcomes the opportunity to explore innovative applications of blockchain and smart contracts in the ESG field with Negawatt, where we encourage public support for environmental conservation and sustainable development in Hong Kong. With blockchain technology and smart contract capabilities, we intend to provide transparent, scalable, secure and highly efficient clearing and settlement processes between companies, merchants, and consumers.”
The collaboration intends to enable companies to organize ESG events using blockchain technology and smart contracts, fostering a more sustainable and green corporate culture while meeting ESG compliance requirements. Upon completing their green initiatives, users can earn ESG points as rewards, enhancing environmental awareness and promoting an eco-conscious culture. These points can then be redeemed for green products and services at selected merchants.
Negawatt is committed to harnessing the power of AI solutions to promote environmental protection and energy saving. It is also dedicated to encouraging the public to lead a low-carbon life, and contribute to addressing challenges posed by global warming. Negawatt believes more companies will be encouraged to advance their ESG initiatives and incentivize the public to incorporate environmental protection and low-carbon concepts into every touchpoint of their daily lives, contributing to a greener lifestyle. Additionally, the exploration aims to promote sustainable economic and financial development, and further strengthen Hong Kong’s position as an international financial center and innovation hub.