Razer, a global lifestyle brand for gamers, introduced Restorify, an e-commerce service rolled out by Razer Fintech, the financial technology arm of Razer. Restorify is a traceable carbon-neutral checkout launched at COP27, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change.
The key drivers for Restorify, are to promote more transparency and accountability in the carbon market and to make it easier for businesses to offset their emissions while empowering consumers to be a part of the solution.
“Our life-cycle approach allows us to develop interventions that drive emission reductions, but carbon credits will still have a role to play in the transition to becoming net zero,” said Min-Liang Tan, co-founder and CEO of Razer. “In our own journey to net zero, we have realized that there are growing pains and that not all carbon credits are equal. With Restorify, we hope our novel approach toward carbon credits will foster greater accountability and transparency within carbon offsetting.”
Restorify for customers
Restorify fractionalizes carbon credits in its reimbursement process so they can be made available in smaller denominations, enabling consumers to make offsets a part of their daily lives. Restorify allows traceable offsets with realized decarbonization effects to be used by consumers.
The traceable carbon-neutral shopping cart offered by Restorify will enable consumers to view the carbon footprint of a product so that they can make informed decisions. As they check out, they will also be empowered to offset the products they buy with carbon credits already retired from verified carbon registries. Upon purchasing the carbon credits, consumers will receive a certificate detailing the total amount of carbon emissions that have been offset by their purchase, what kind of project the retired credits have supported and in which country, as well as the certification standard. These individual fractionalized transactions are digitally recorded onto the ESGpedia registry where consumers can track their carbon offset efforts. This level of transparency is currently otherwise lacking in today’s consumer carbon offset market.
Restorify for businesses
Restorify applies a mass product emissions calculator that helps businesses estimate their carbon footprint based on a product’s emissions across its life cycle.
Restorify will also encourage and provide businesses with a pathway to evaluate the environmental impact of their products through the ECOLOGO Certification, Environmental Product Declaration Certification, or Product Carbon Footprint Verification using Razer’s ecolabel partner, global safety science leader, UL Solutions.
Restorify’s carbon-neutral checkout is available for businesses to integrate into their existing platform. Razer will be working with partners from its supply chain as well as more than 50,000 merchants under Razer Fintech’s network to support their transition to net zero at no additional cost. AWS will also support Razer to make Restorify available to more than 100,000 partners from 150 countries.
Categories: Business Features