W Green Pay (WGP), the blockchain from HOOXI, Korea’s government-backed Greenhouse Gas (GHG) reduction campaign, is taking a different tack at encouraging individuals to reduce GHG. While GHG reduction initiatives have been around, HOOXI is the first to directly reward individuals for reducing GHG.
HOOXI introduces the first blockchain to help enable the reward system and facilitate the on-going reward distribution to individuals.
W-Foundation, an international non-profit organization and a designated donation organization entitled by the Ministry of Strategy and Finance of Korea, is the philanthropic foundation behind the HOOXI campaign. Using the anticipated HOOXI mobile application, individuals can perform GHG reduction missions to collect mission points, which can be exchanged for WGPs.
HOOXI application will track and aggregate individuals’ GHG reduction data, based on which W-Foundation will be allocated National Emission Permit (NEP), carbon emission units traded in the Korean market. Through HOOXI campaign, financial incentives of NEP-based carbon trading will no longer remain the sole domain of corporations and institutions and will be open to individuals.
WGPs can be used in online retail stores partnering with W-Foundation, such as Lotte Homeshopping. WGPs will also be introduced to a credit card payback system with major commercial banks in Korea. Credit card users can earn WGPs by using the selected credit card at WGP-partnered businesses.
“By first targeting individuals in the Korean market where people are social media savvy and familiar with the HOOXI campaign, we will be able to work on the features of HOOXI application for broader global usage and look for ways to motivate diverse groups of people to make changes that reduce greenhouse gases,” explains Youree Lee, CEO of W-Foundation.
“As the HOOXI application is rolled out globally, we as individuals will have the opportunity to become real stakeholders in making this a better world.”