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Save Our Planet Through Carbon Credits Tokenization

30 Jul 2020 — Apple last week announced that it plans to bring its entire carbon footprint to net zero 20 years sooner than IPCC targets. While this is commendable, currently, there is no global standard solution to track greenhouse gas emission reductions.

According to InterWork Alliance (IWA), by developing a technology-neutral standard for tokenizing emissions and offsets, along with contractual requirements to operate against these tokens, they can dramatically accelerate the implementation and interworking of carbon markets – both voluntary and regulated – using #DLTs.

Tokenizing carbon credits has the potential to improve the efficiency of climate accounting as it solves double counting of emissions reductions, just as #blockchain-based cryptocurrencies solve double-spending.

“The IWA will tackle this challenge by developing a solution that assures tokens designed to address sustainability are trusted to interwork on the business level, regardless of underlying technology platforms” said Ron Resnick, IWA President.

“Given that ESG reporting is already common practice among many corporations worldwide, making climate and sustainability accounting more efficient through tokenization is critical”- Marley Gray, IWA Chairman.

#propine


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