SDG Awards 2024

Finalist Profile

Welcome to the SDG Awards, a distinguished recognition program honoring the remarkable contributions of individuals, organizations, and initiatives in championing the United Nations’ 17 Sustainable Development Goals (SDGs).

Finalist Profile

Loompact

About Company

SDG Awards 2024

Category - SDG 17 - Partnership for the Goals

Tradeable impact credits: Facilitates monetization of social and ecological impacts through blockchain/NFT technology.

➜ Tradeable impact credits: Facilitates monetization of social and ecological impacts through blockchain/NFT technology.

➜ Collaboration with organizations: Partners with non-profits and businesses to validate and audit impact data.

➜ Support for SDG projects: Enables funding for impactful projects, fostering global sustainability partnerships.

1. What is the local impact your organization has achieved regarding your selected SDG? (No Word Limit)

LOOMPACT's impact region is not defined specifically, as we onboard projects from many parts of the world. Alone the last three projects came from Africa (Niger), Asia (India) and North America (USA). Also the buyers of our Impact Credits are spread across the globe - if they buy with their digital wallet, we're even unable to tell where the buyer is located at all. In our "meta-SDG" #17 it is tricky to pin down any dedicated eco/social outcomes, as our solution is facilitating the flow of money from buyers of our Impact Credits (the donors) to the impact-generating projects (the issuers). So generally our impact is measured in the amount of money we are able to activate for selling out the issued Impact NFT Collections, which is in average 20-30k per Collection.

2. What is the global impact your organization has achieved regarding your selected SDG? (No Word Limit)

3. What is the scalability of your innovation and how do you plan to achieve it? (No Word Limit)

Our solution is highly scalable on both ends: onboarding new for-good projects will be a) supported by our ever growing community of impact management & audit experts, participating in the new IMVS standard (see https://loompact.com/imvs) and b) will be also accelerated by planned automatic verification pre-checks to find out about the validity of the reported outcomes the issuer intends to securitize in an Impact Credit. On the buyer's end also the scalability is very high: as we're nearly the only solution out there that can offer end-to-end traceable impact assets that are ready for using it under the new EU Green Claims Directive, our Credits are in great demand by corporates that want to communicate their for-good action in a compliant way. Moreover we do this for projects that cover possibly every existing eco/social SDG, so it is a one-stop-shopping solution for corporate eco offsetting efforts and also for their CSR department's social support programs. The ultimate lever for scalability is addressing new areas, that were never thought of as possible donors. That comes down to the Web3/Blockchain use-cases, where e.g. we're about to bundle our Impact Credits with in-game credit purchases of large multi-player game ecosystems. Or printing out very high quality small & rare Impact NFT-Art Collections for a large hotel group, that will place the pictures of the Impact Credits in their lobbies and guest-rooms around the world, telling the story of the eco/social outcomes created with purchasing these pieces with their CSR budget. A playful interaction with their guests. Or the use case of using "staking pool money" (a kind of short-term call money in the cryptocurrency space) for good by buying Impact Credits with unused interest from. The possibilities with integrating Impact Credits in existing digital or physical products are nearly endless with LOOMPACT NFTs.

4. What is your organization’s unique strategy for using technology to achieve your selected SDG? (150 Words Limit)

A) We use blockchain-based Credits to achieve end-to-end traceability and open tradability. B) We use NFTs to address the huge untapped Web3-Market as a vehicle for integrating Impact Credits in diverse product scenarios. C) We do this for projects creating outcomes in all (!) SDG, not just for GHG/CO2, like 99% of other solutions.

5. What challenges did you encounter while working for your selected SDG, and how did you address them? (150 Words Limit)

The biggest challenge in SDG17: it is a kind of "unfocused". It is about bringing needed entities together that are addressing a multitude of SDG areas & parameters. This is a challenge not only for LOOMPACT but for all transforming systemic solution providers - we are in a kind of "meta level" and often sometimes fit anywhere but the same time nowhere. Like also for our financing: it is impossible to address investors focused in certain SDG areas (like "Climate", "BioDiv", "Education", "Circularity") - we can say "of course we're addressing this too" but the response often ist "yes, but not specifically, so you're out...".

6. How did you engage local communities and stakeholders in your work, and what was their feedback? (150 Words Limit)

Please see my answer to question 1 & 2 - we're not locally focused. The projects that we onboard for selling their Impact Credits using LOOMPACT of course are intensely working with the local communities in their area (see https://nft.loompact.com/agtama22/ or https://nft.loompact.com/pfkanpq422/ e.g. from our selection of project partners at the moment).

7. Which organizational skills and resources did you use to deliver goods/services without harming the environment or society? (150 Words Limit)

As our solution is a IT-based solution, our focus was to have the lowest possible eco footprint in our tech ops for the features we needed. We've selected hosting providers that are bound to run on regenerative power sources. Hosting our website and the reporting platform is the least energy intensive part of our solution. The bigger one is the setup & minting of the Impact Credits on a blockchain. We've selected Solana for this, as it is a) a chain without any energy-intensive proof-of-work history (like Ethereum e.g.) and is extremely energy efficient with every transaction (actually a smaller footprint as a Google search request) - and moreover they're offsetting even all of their footprint with CO2 credits. This is as of today the most eco-friendly tech environment we could choose.

8. In your view what roles do businesses, governments, and civil society should play in achieving the SDGs, and how can they collaborate effectively? (150 Words Limit)

Bridging the SDG finance-gap can only be done from two sides: regulation and financial programs from the government bodies and a more self-motivated business & civil society side, that need to be conscious buyers/donors. E.g. we need binding regulation for spending X% of corporate earnings on eco/social projects (like in India). Or new catalytic financing programs that support more "meta solutions" of a systemic kind. And businesses that see the change towards a better planet as a chance for new products and for new investments. And individuals to challenge corporates about their role in eco/social engagement. Only if these come together collectively, we can make a huge leap forward.

9. What advice do you have for individuals or organizations aiming to create positive change and support the SDGs? (150 Words Limit)

In my answer to question 8, there's already the answer included, I think. All I can say is: there is not a single entity out there that can make a big progress in solving even one of the SDGs without a maximum of collaboration between all stakeholders. Be open and see yourself as a tiny (but utterly important) wheel within a huge clockwork.

10. How would winning this SDG Award help you enhance your impact and expand your project? (150 Words Limit)

To be visible in a world that is full of "exciting" news gets trickier every day. With winning this renowned award it would give us a push in general visibility, which helps in acquiring new projects and Impact Credit buyers, but also - and that is at the moment for us very important - also for our current (and first bigger) fundraising round, that will help us to scale massively for brining more money towards SDG action. That is the ultimate goal for us.

11. What are your future objectives regarding your selected SDG? (150 Words Limit)

Very simply put: more projects, more buyers/donors - more financial support for the ones that help to tackle the SDG's challenges. All of this is a highly trustful & validated way. Our ultimate objective is to grow rapidly to achieve this as quick as possible. Because the time is nearly up to get the SDGs fulfilled.