Cambridge University to Build Carbon Credit Marketplace on Blockchain
The program will tackle challenges around using the purchase of carbon credits to fund nature-based solutions preserving biodiversity.
Nov 10, 2021 at 1:24 p.m. UTCUpdated Apr 10, 2024 at 2:45 a.m. UTC
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The University of Cambridge is developing a blockchain-based market for trading carbon credits that will support reforestation projects to preserve biodiversity.
- The U.K. university has established the Cambridge Centre for Carbon Credits where computer scientists and conservation scientists will work together on the project.
- The center will look at how the purchase of carbon credits can be used to fund nature-based solutions preserving biodiversity.
- The marketplace will be built on the Tezos blockchain, chosen because it is a sustainable option.
- A carbon credit is a permit that allows the holder to emit a certain amount of carbon dioxide or other greenhouse gas, such as methane.
- The Cambridge project joins other blockchain climate initiatives announced in the run-up to the COP26 conference in Glasgow, Scotland as concern over global climate change has mounted. In July, China introduced a carbon trading system, to be followed by a token-based carbon neutrality project in Singapore in September.
- Experts at the conference on Wednesday said there is more support for climate action using blockchain technology. Among other initiatives, the GloCha United Citizens Organization for Action for Climate Empowerment was announced as a blockchain-technology based quasi-international organization. It will be based in Austria.
- Another initiative launched at the COP26 is a quasi-international organization located in Austria, called the GloCha United Citizens Organization for Action for Climate Empowerment. The group is looking to utilize blockchain technology to advance climate change objectives in alignment with the United Nations.
- Earlier this month, the crypto exchange BitMEX bought $100,000 worth of carbon credits, representing 7,110 metric tons of carbon dioxide emissions, enough to offset its bitcoin carbon footprint for the next year.
- At the end of last year, the Universal Protocol Alliance, a coalition of blockchain companies led by Uphold, Bittrex Global, Ledger, Certik and Infinigold, announced the launch of the “UPCO2″ token.
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UPDATE (Nov. 10, 16:31 UTC): Adds formation of United Citizens Organization for Action for Climate Empowerment.
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