JustCarbon and Likvidi both announced the launch of tokenized carbon credit trading platforms on the blockchain ecosystem, allowing participants to sell greenhouse gas emissions and reduce their carbon footprints. JustCarbon said it had launched a marketplace for its JustCarbon Removal Units (JCRs). On Wednesday, Likvidi announced the launch of a platform for its Liquid Carbon Credit (LCO2).
LCO2 and JCRs are Verra’s carbon credits (VCS) blockchain equivalents. Each one equals one metric tonne of carbon dioxide. JCRs also represent Standard gold credits. The two enterprises are part of a growing group of organizations looking into how the blockchain ecosystem can help environmental management. Last summer, China launched a carbon trading system. Late last year, the University of Cambridge announced it was working on a similar project, the Cambridge Centre for Carbon Credits, which aims to create a blockchain-based market for trading carbon credits to support reforestation projects and biodiversity preservation.
“The world is finally recognizing the importance of lowering carbon emissions. Governments alone will not be able to do this, “Ransu Salovaara, CEO and co-founder of Likvidi, said in an emailed statement.
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In a press release, JustCarbon stated that its goal is to create an “open and successful nature-based carbon sequestration economy in the blockchain ecosystem.” Smaller businesses will offset and exchange their greenhouse-gas emissions as part of the scheme. The tokens were designed to work cross-chain and are available for trading on third-party exchanges starting today.
Purchasing a carbon credit entitles the bearer to offset one metric tonne of carbon or its equivalent in greenhouse gases. The token must be destroyed to receive an offset. JustCarbon’s platform will be managed by a decentralized autonomous organization (DAO), which means that it will not be owned or controlled by a single entity or vested interest group. The DAO’s community voting and decision-making will be facilitated via a distinct token, the JustCarbon Governance Unit (JCG).
DAO Maker is being used by Likvidi. Avalanche will power the blockchain ecosystem. JustCarbon has also teamed with NFT Design Works, a developer, and curator of digital collectibles, to provide carbon offsetting for non-fungible tokens (NFT).
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About the Author: Diana Ambolis
