![]() It reveals that sourcing and retiring carbon credits on-chain is significantly less expensive than doing so off-chain. Up to September 2022, there are 22 million carbon credits that have been bridged over to Polygon so far.īesides making every transaction’s history transparent, including which credits were sold, when and for how much, and what type of carbon-reduction project it originated from, etc., BCT also raises concerns about its impacts on price, market, and environmental issues. BCT is a pool of carbon offset credits that have been transferred from a conventional carbon register to a blockchain, launched on the Polygon network.Ī short time later, one-fourth of the credits had been converted from off-chain to on-chain. In October 2021, Toucan- a blockchain project – and KlimaDAO- a decentralized autonomous organization – introduced a new token called Base Carbon Tonne (BCT). Not only it works in cryptocurrencies, but also optimizes workflows, streamlines multiparty procedures, increases accountability while reducing conflicts, and creates new markets through asset tokenization. ![]() Moreover, the voluntary carbon market lacks transparency and quality control, which discourages potential participants.īlockchain technology is considered a solution to these problems. ![]() Voluntary carbon market, which enables individuals and smaller businesses to buy emission-reducing carbon credits, has only $1 billion in assets. The governments and large enterprises are legally mandated to offset their CO2 emissions in the compliance market, taking a significant majority of this total $851 billion market. In 2021, worldwide carbon growth rose by 164% and reached an industrial value of $851 billion. Therefore, the carbon credit marketplace offers unrivaled potential for cooperation on a larger scale to tackle climate change. The world is trying to meet the 2050 deadline of achieving net-carbon neutrality set by the UN roadmap. ![]()
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