TORONTO, Canada, June 5, 2017—Compugen Finance is proud to announce the launch of CarbonBank™, a ground-breaking carbon reduction program. CarbonBank enables corporations to generate verified carbon credits by trading in End-of-First-Life™ technology. Carbon credits (also known as carbon offsets) are environmental units of measurements that represent the removal of one tonne of carbon dioxide (tC02e) from the atmosphere.

This innovative solution for IT purchasers was created in collaboration with Green Knight Environmental, and is the world’s first IT emission offset project of its kind.

The program leverages Compugen Finance’s Green4Good™ asset disposition program. By participating in Green4Good, customers can acquire carbon credits, based on the amount of technology they have traded-in, directly from CarbonBank’s pool of CSA (Canadian Standards Assoc.) approved carbon credits. These can then be applied to new technology purchases, providing corporations with the ability to make carbon neutral upgrades to their IT environments. Alternatively, credits can be applied to reduce an organization’s overall carbon footprint.

In addition, those wishing to acquire carbon credits without trading-in End-of-First-Life technology, will be able to purchase additional credits directly from CarbonBank, assisting them to become carbon neutral.

“The urgent need to address climate change is undeniable and businesses that care about the environment want to take action,” says Steve Glover, President, Compugen Finance. “We believe the CarbonBank program is a valuable new tool in the technology sector that can help them on their journey to become carbon neutral.”