Kora Tracks And Rewards Sustainable Practices To Fight Climate Change
As opposed to the “elitist” and “chastising” approach of other initiatives, such as carbon credits, Kora rewards environmentally-friendly practices to create a new type of economy that incentivizes people to lead sustainable lives
Press Release – Riga, Latvia – July 2019 — Kora, the company creating a reward-based solution to fight climate change, unveils the Kora platform, which rewards sustainable activities via its stable, backed by assets, digital currency. Kora’s reward system incentivizes users to engage with environmental practices from purchasing eco-friendly products to choosing a greener travel option. With more aspects of life tracked on Kora, the platform is able to measure a user’s behavior and ultimately their impact on climate change.
The estimated global cost of the carbon economy together with climate change is estimated at US$5.3* trillion every year. Climate change is our global enemy, and for the first time, human beings need to act collectively in defense of our survival. Today the only solution to fight climate change is a punishment-based system known as carbon credits. However, the solution doesn’t solve the problem, it solely supports emission reduction of already damaging practices. History shows that the only thing that really works in changing people’s behavior is shifting economics. Kora is developing a solution aimed at creating a new type of economy – one that incentivizes people to lead sustainable lives. Using Kora’s platform, people will be able to track and measure their ecological footprint and receive positive financial incentives each time they perform an environmentally-friendly action.
Kora will offer different opportunities for users and businesses to fight climate change, including:
A sustainable rewards method: Kora users will be rewarded after completing measurably sustainable activities. For example: choosing to use renewable energy technology, such as solar panels.
An environmental ecosystem: Kora connects users to different sustainable verticals to track users environmental actions. For example: Taking public transportation in order to reduce gas emissions.
Educational gamification: Kora incorporates gamification to educate its users on best environmental practices, and fosters a socially conscious community.
The Kora is an asset-backed coin, pegged to the SDR (a basket of main currencies of the world monetized by the IMF), and designed for low volatility. It was created for everyday purchases, such as coffee or lunch. The goal of the Kora is to be accepted by large economies such as cities, and corporations.
In May 2019, Kora launched a pilot in Berlin. The company’s proof of concept phase will focus on mobility and energy. Users are able to generate Koras by producing solar power, storing it in the grid, or simply by walking or biking. Additionally, Kora has already signed a partnership with German company Sonnen, one of the biggest names in energy storage technology.
“Climate change is a direct result of human activity and it’s in our hands to fight it. We need to understand that with each of our actions and consumer habits, there’s an environmental impact and cost embedded. Likewise, our individual actions and choices, can also pave the road for sustainability,” said Gilad Regev, Co-Founder and CEO of Kora. “Kora aims to use positive financial incentives, instead of punishment, to open consumers eyes, and hopefully show them how their daily activities can create a positive, meaningful impact on the environment.”
Kora was founded in 2018 by four environmental Entrepreneurs: Gilad Regev, Aurimas Bakas, Serik Kushenov, and Marija Rucevska. Kora rewards people and companies for performing a wide range of sustainable activities to fight climate change. The goal of Kora is to create a new economy where large economies are driven by sustainable actions.
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