Compugen Finance developed CarbonBank, the world’s first program that creates verified carbon credits from the sale of refurbished technology.
“Businesses are starting to accept that we have a global climate change problem and executives are starting to be measured by their action.”
— Steve Glover, President, Compugen Finance
Creating the First Ever CarbonBank™ From Old Computers
Compugen Finance focuses on technology leasing while providing innovative and socially beneficial initiatives in the acquisition, disposition and reuse of end-of-first-life(™) technology. As a organization that has long supported and promoted the reuse of technology, Steve Glover, the President of Compugen Finance, knew they were supporting the environment by working with clients to manage the disposition of their end-of-first-life(™) technology by refurbishing it for resale, but did not know how to quantify it.
After consultation with industry leaders, like Frances Edmonds of HP, as well as several environmental firms, he began to consider if carbon credits could be generated. This led Compugen Finance to develop the CarbonBank, the world’s first program that creates verified carbon credits from the sale of refurbished technology.
While traditionally carbon credits have been generated through energy efficiency, renewable energy, or carbon sequestration-type projects, Compugen Finance was able to work with the Canadian Standards Association’s GHG Clean Projects registry to verify and quantify the carbon credits generated each time a piece of refurbished technology is sold, thereby deferring the purchase of new technology thus eliminating the emissions generated through the manufacturing process.
This innovative program has gained widespread attention and interest from Canadian businesses concerned about sustainability, like the Bank of Montreal, and both businesses now work with Compugen Finance to safely dispose of their older technology, while receiving monies and carbon credits in the process.
The program is also getting recognition on the international stage; Steve was invited to attend the G7 Conference in Montreal in 2018 to talk about the success of Green4Good and CarbonBank, sharing this homegrown Canadian sustainability innovation with a global audience.
Compugen reduced water consumption by 60% through the use of low-flow toilets and auto-on faucets, and by capturing rainwater for landscaping.
Compugen decreased lighting costs by 40% with large picture windows, and installed electronic sensors to automatically turn off the lights when rooms are empty.