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HourProof

Note

Sustainability-linked note

A note whose coupon settles on-chain against the proven emissions KPI.

In plain terms: A bond-like investment whose interest depends on the proven emissions figure: if the target is missed, the coupon steps up and investors are paid more.

KPI missedWeek of 10–16 Nov 2025

Target missed: the coupon stepped up to 6.00%.

No proof showed residual emissions within the 428.5 t target (fixed by rule before the week) by the deadline, so the coupon stepped up automatically. The buyer proved ≤ 546.1 t, which is above the target; a proof can only state a bound that the true value satisfies.

Term sheet

Week of 10–16 Nov 2025
of the buyer's week
Target
≤ 428.5 t CO₂Fixed by rule before the week; see below.
Proven on-chain
≤ 546.1 t CO₂By the buyer's zero-knowledge emissions proof.
KPI met
No
5.00%
Step-up if the KPI is missed
+1.00%
Coupon
6.00%
Notes subscribed
1,000Read from the note contract on Base Sepolia when this snapshot was made.
Coupon paid
60 tUSDIn , a test token with no value.
Deadline
17 Oct 2026, 14:29 UTC (chain time)Anyone can settle the note: at once if a proof meets the KPI, otherwise after the deadline.The run replayed the week of 10–16 Nov 2025 (Energinet's published data) on Base Sepolia in October 2026, so the deadline is a date on the chain's clock.

How the coupon is set

  1. Before the week, a fixed rule sets the emissions target (see below), so nobody can choose it afterwards.
  2. By the deadline, the buyer may submit a zero-knowledge proof that its residual emissions are at most some cap.
  3. Anyone can then settle the note. If a proven cap meets the target, investors receive the base coupon; if not, the coupon automatically steps up by a fixed amount.

In this run no proof met the target, so the step-up applied. The figures are in the term sheet.

Weeks of 6 Oct – 2 Nov 2025

How the target was set

The target is computed by a fixed rule from earlier weeks, so it is known before the note is issued and nobody can choose it after the fact.

mean weekly residual (unmatched) emissions of the 4 complete weeks that ended at least one week before the window (so the value is known when the note is issued, 2 days before the window), with the same load, certificate and intensity rules as the window; rounded down to whole kg
The weeks the target is based on
Week starting (UTC)Residual emissions
2025-10-06513 t
2025-10-131,070.7 t
2025-10-2046.7 t
2025-10-2783.6 t
Target (mean, rounded down to whole kg)428.5 t

Residual emissions swing widely between windy and calm weeks, because the wind decides how much of the load is matched hour by hour: these 4 weeks range from 46.7 t to 1,070.7 t.

This run

Settlement on-chain

Every step of the note, from funding to the investor claiming the coupon, is a transaction you can open on the block explorer.