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.
- 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.
Read more: The Top Universities for Blockchain by CoinDesk 2021