Copy link
Increase text size
Decrease text size
Link copied

How to use digital currency for carbon markets?

Image by QuoteInspector.com from Flickr

Wed, 18 Mar 2020, 00:45 am UTC

Cryptocurrency can be combined with digital commodities in the carbon market.

Carbon markets are among the best tools that companies and policymakers use to reduce carbon emissions and put a value on a ton of CO2 to create price signals for reducing emissions. At present, there are various initiatives looking to interconnect it to the UN Paris Agreement, which aims to combat climate change, Cointelegraph reported.

Carbon markets started in 2005, but they are mainly used by governments and large companies in Europe and the United States. Also, most of the deals are over the counter or on centralized regional exchanges.

Digital eco-commodity carbon credit represents one metric ton of CO2 and is relative to the efforts in reducing carbon emissions that contribute to climate change. Several groups have announced projects to tokenize carbon credits, but 1PLANET is leading the race being the first to launch with a functioning DApp that allows users to utilize ERC-20 tokens to mitigate or offset carbon emission.

“Combining a digital commodity with a digital crypto-token makes a lot of sense. We see blockchain and smart contracts as the future of carbon markets and have been preparing for this through the development of our 1PLANET token and marketplace,” said Jesse Uzzell, CEO of Climate Futures.

Carbon credits are the best-performing commodity in Europe. Also, in 2021, all international flight is predicted to cover a new program called Carbon Offsetting and Reduction Scheme for International Aviation which will boost the demand for eligible carbon credits.

Also supply chains like Amazon, Apple, BP, and Delta which committed themselves to go carbon neutral will likely not reach their goal without including carbon offsetting in their plans, so they will also use carbon credits.

Meanwhile, blockchain can be used for climate change. Hyperledger Executive Director Brian Behlendorf shared how blockchain’s traceability can contribute to meet the goals of the Paris Agreement because it can be used to track who is emitting what and getting credit for cutting emissions.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.13 02:27:06
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,846.40 (+0.57%)
  • Ethereum (ETH) $435.06 (-0.95%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Chainlink (LINK) $18.96 (+12.20%)
  • Bitcoin Cash (BCH) $304.19 (+2.84%)
  • Bitcoin (BTC) $11,846.40 (+0.57%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft