Universal Protocol Alliance introduces marketable carbon token
„Combine a digital asset with a rainforest carbon offset and give access to everyone in the world“.
Universal Protocol Alliance introduces marketable carbon tokenNOTÍCIAS
An alliance of cryptomaniac companies is introducing tokenized carbon credits for individuals to offset the amount of carbon dioxide they are responsible for.
According to an announcement on Tuesday, the Universal Protocol Alliance has launched a tradable carbon token in a public blockchain. The UPA said users of cryptomorphs could „burn“ the Universal Carbon Token, UPCO2, to offset their carbon footprint. However, they also have the option to keep the tokens or trade them like any other digital asset using Uphold, an important US cryptomimetic portfolio and trading platform that is also a member of UPA.
An UPCO2 token represents a verified rainforest project and the reduction of their carbon dioxide emissions by 1 metric tonne annually. The alliance employs digital certificates issued by Verra, an international standards agency that allows certified projects to turn their greenhouse gas reductions into tradable carbon credits.
„The projects we support through carbon credit purchases prevent deforestation in the Amazon, the Congo Basin and Indonesia, as well as other threatened rainforests,“ said UPA President Matthew Le Merle. „At a key moment for climate change, UPCO2 enables people around the world to do good for the planet and potentially do good for themselves.
The voluntary carbon credits that support these carbon tokens „should eventually reach the same price anywhere,“ as what they represent – one metric ton of carbon per year – is measured in the same way for any company seeking to offset its carbon footprint. Globally recognized, fungible, perennial dollar-denominated assets“ should maintain the value of the option until it is used. Le Merle said:
„Combine a digital asset with a rainforest carbon offset and give access to everyone in the world. How can that not be a great idea? ”
Some companies have developed carbon token credits and blockchain solutions for the environment as the threat of climate change approaches. In April, the International Chamber of Commerce announced it would work to bring greater liquidity to the carbon market through the use of blockchaining.
UPA is a coalition of cryptomoeda and blockchain companies seeking to accelerate the adoption of blockchain as a conventional financial technology. It includes organizations such as Bittrex Global, Cred, Uphold, Ledger, CertiK and Infinigold.