Several leading blockchain establishments have launched Universal Carbon token
World’s first blockchain tradable token launched. Source: pexels.com
Ledger, Bittrex Global, InfiniGold, CertiK, and Uphold have announced the launch of the Universal Carbon token (UPCO2).
This is the initial carbon token that can be treated on a public blockchain globally. It can be bought and held as an asset or used to counteract a person’s carbon footprint.
This year has seen an increased demand for carbon credits, a trend that has exceeded supply by a rate of 4 to 1.
An essential new investment class is also set to be democratized by the UPCO2 Token. This move could lead to more environmental projects being funded.
Each UPCO2 Token is a representation of the annual ton of CO2 pollution that has been averted REDD+ project. This prevents the degradation or loss of rainforests. A Voluntary Carbon Unit (VCU) backs up every token. Also, Verra alongside other international standards agencies issues a digital certificate.
Current projects supported via carbon credit purchases avert deforestation in Congo Basin, the Amazon and Indonesia, and other vulnerable rainforests.
As countries introduce monitored CO2 markets, establishments are forced to offer compensation for any pollution emitted. Other individuals and companies are also opting for the voluntary offsetting of their carbon footprints.
While the supply of voluntary credits has not changed, prices for carbon credits are likely to change.
This year has had environmental issues such as fires in California and Australia and hurricanes. With Joe Biden, the United States President-elect declaring a climate administration, companies including Nike, Microsoft, and Apple have committed to carbon neutrality voluntarily.
In the next 20 years, the main economic issue could be preventing climate cancer globally.
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