Therme Group has collaborated with researchers at Surrey University in the UK on a new Carbon Tokenomics model
The blockchain-based model uses an innovative carbon footprint calculator that measures emissions dynamically
Approximately 11 per cent of global greenhouse gas emissions are due to tourism
The initiative was presented at COP28 and ITB Berlin 2024
Therme Group, a global leader in tourism and urban wellbeing, has collaborated with researchers at Surrey University on a new Carbon Tokenomics model.
The two-year-long collaboration set out to answer the question: How can a carbon offset model for the Visitor Economy be designed so that it is transparent, traceable, efficient, fair, and effective?
The visitor economy – the tourism sector relating to all activities generated by travel and leisure stays – is responsible for a substantial percentage of the global carbon footprint and has been criticised for failing to deliver the CO2-e reductions promised.
“Approximately 11 per cent of global greenhouse gas emissions are due to tourism, a figure that will likely double by 2050 at this rate of growth,” says Therme Group vice-president Professor Eduard Goean, “Our goal is to provide the industry with a tool that enables precise carbon footprint measurement and tourists with a reliable way to offset the CO2 that is generated.”
The existing industry model requires companies to calculate their carbon emissions and pay towards offsetting these. This model is considered inadequate as it is not standardised and leaves room for businesses to outsource their decarbonisation responsibility.
The blockchain-based Carbon Tokenomics model uses an innovative carbon footprint calculator that measures emissions dynamically, using AI to process data, from consumption during flight per number of passengers to the impacts generated by hotels.
The first iteration of the Carbon Tokenomics Model was unveiled at COP28 in Dubai in November 2023 and then ITB Berlin in March 2024. It has attracted attention from numerous industry and government stakeholders and Therme group considers the project vital for the tourism sector to achieve carbon neutrality.
The next stage requires Therme Group to demonstrate the potential of Carbon Tokenomics to political decision-makers. “Europe remains our focus because we want to make our continent a true example of sustainability, but our technology will become applicable everywhere,” Goean concludes.
Therme Group is a diversified developer and operator running water-based attractions which deliver wellbeing, health and fitness and also function as attractions, with waterparks and arts installations.
Find out more at Therme Group in
Attractions Management here.
