The only access to the GHG reduction market for individuals

If you are unfamiliar with the cap and trade market, “cap” refers to the limit of GHG emissions set by the government that is allocated to each corporation while “trade” refers to the market open to these corporations to buy and sell these allocated permit. Such a cap and trade market in Korea is the Korea Emissions Trading Scheme (KETS).

In the current landscape, Korean Allocation Units (KAU: Korea’s GHG emission allowance units for documented GHG emitters, i.e. caps) and Korean Credit Units (KCU: Converted from KOC for KETS market trading by KETS entities -more on KOC below) are traded among a select group of large corporations designated by the government to participate in KETS and is measured in terms of tons. Each individual’s GHG footprint is obviously substantially smaller than this. However, individuals as a group produce significant amount of GHG, and individuals, in aggregate, can make significant GHG emission reduction. What was needed was a way to aggregate each individual’s GHG reduction efforts, incentivise and reward those individual efforts, and qualify in due course for Korea Offset Credits (KOC: Korea’s GHG reduction credits), which can be earned by non-KETS entities for OTC trading and can subsequently be converted to KCU for KETS market trading by KETS eligible entities.

HOOXI app is conceived as the aggregator of the time-series GHG reduction data generated by individuals on the HOOXI app, which will form the basis for an innovative offset credit model that will be compliant with international standards (i.e. CERs) and qualify for issuance of KOC by the government. HOOXI campaign will be able to dispose these KOCs in OTC trades with both KETS and non-KETS entities, and KETS entities will be able to convert the KOCs to KCUs for trading in the KETS cap and trade market. The resulting trading revenue would be used to fund HOOXI app’s operations and its ongoing purchase of WGP from the market to fund future disbursement of rewards to HOOXI app users.

HOOXI app users will be rewarded WGP for performing GHG reduction missions, which they can use to buy goods and services from affiliated corporate partners of HOOXI campaign. As more users join the HOOXI app and perform increasingly large numbers of earth-saving missions, HOOXI app will be able to extract a larger share of value from the carbon market and enhance WGP’s value and liquidity to its holders. Supported by robust liquidity, interested participants will be able to easily purchase WGP tokens to participate in the HOOXI ecosystem, resulting in more participants in the HOOXI campaign and its GHG reduction missions.