Singapore, September 26, 2021 (GLOBE NEWSWIRE) – 2021 is the first year of carbon neutralization. Global warming is an indisputable fact. Recently, the increasing smog and the extreme weather have hurt us deeply. If we do not actively address it, our future generations risk dying from the damage caused by global warming. In order to mitigate the impact of global warming and climate change, we need to significantly reduce carbon dioxide emissions.
The process of progress and evolution of human civilization from “ignition” to “boiling water” is essentially the process of using the energy level. A new cycle of energy revolution is a turning point that can determine the rise and fall of various civilizations.
What is carbon neutralization? ‘Carbon neutralization’, i.e. net zero emission, refers to the carbon emissions necessary for human economic and social activities, which are captured, used or stored through the forest carbon sink and other man-made technologies or engineering means, so that the net increase in greenhouse gases emitted into the atmosphere is zero. The quantitative change in carbon peak cannot be qualitatively changed in carbon neutralization. The carbon peak is the stage of the emission threshold. To achieve carbon neutralization, we need to modernize science and technology and act as a carbon trading market.
The CNT Foundation is in the process of establishing a Carbon Trading Agreement, a public blockchain system focused on carbon neutrality and carbon emissions trading. The CNT Foundation believes that blockchain technology can better resolve the fundamental contradictions of the carbon emissions market. Likewise, carbon emissions trading and carbon offsetting can alleviate the negative problems brought to the external environment by the POW blockchain consensus mechanism.
The CNT aims to create a more open and transparent carbon capture market, which will contribute to the global promotion of “waiting for action”, and more in line with the “top-down and bottom-up” spirit of “l ‘expectation of governance’ in the Paris Agreement. Carbon market data is stored synchronously by multiple nodes. The carbon trading process is decentralized, making it possible to participate more quickly in the trading of the new carbon sinks market. Carbon sink assets, carbon trading data flow and carbon neutralization on the chain can be verified at any time to improve credibility. The most critical data and information transparency issues and double-counting issues in the carbon market will also be addressed. In the transnational and interregional carbon market, improving the authenticity of the content of transactions can motivate more businesses and organizations to participate and broaden the scope of participation in global carbon neutralization.
Blockchain technology, known as the “trusted machine”, as a distributed shared ledger and database, has the characteristics of decentralization, non-tampering, whole process traceability, traceability, collective maintenance, openness and transparency. These characteristics ensure the “honesty” and “transparency” of the blockchain. Blockchain can solve the problem of information asymmetry and achieve cooperation, trust and concerted action among several subjects. As an IT means allowing point-to-point transactions to be carried out, the blockchain technically guarantees that each consumer behavior is well documented, truthful and credible; At the same time, the smart contract records and observes the behavior of the transaction on multiple nodes, providing a clear and orderly market environment for the voucher transaction.
What does blockchain technology bring to the carbon trading market?
- Blockchain creates a safer, more efficient and more economical market environment for carbon trading. Efficient and economical carbon trading activities will greatly stimulate the enthusiasm of carbon-emitting companies to participate in market trading, thereby encouraging companies to carry out technological innovations and modernizing the industrial structure, and encouraging companies to save money. energy and reduce emissions at source. Ensure the authenticity, safety and efficiency of carbon trading activities from each link, and create a safe and efficient environment for the carbon trading market.
- Blockchain creates a more visible, credible and reliable regulatory environment for carbon trading. Using blockchain technology to create the main body of carbon trading, transaction institutions, government and other carbon asset trading models to create flexible interaction, from access to permits of carbon, transaction, circulation, commerce, on the whole process of trusted data chain Shared storage and application, makes carbon emission allowances under the condition of “visible” to do business , To build a trade oversight mirror visible to all links and the whole process, and to promote transparency and order in the global carbon emissions trading market.
CNT is a key member of the Climate Chain Coalition (CCC), responsible for promoting the Asian market and working together for the Paris Agreement on Global Climate Action Against Warming. The Climate Blockchain Alliance, supported by the United Nations Framework Convention on Climate Change (UNFCCC), is an open global organization that uses blockchain technology and associated data solutions (e.g. Internet of Things, big data) to help finance climate action; and strengthen the implementation of the carbon measurement, accounting, reporting and verification (MRV) system to mitigate global warming.
Carbon Trading Agreement is not just a carbon neutral trading application platform. In the design of its contract layer, any third party can establish its own application on CNT. Carbon Trading Agreement plans to migrate down the chain and become part of a decentralized ecosystem. In the future, through international cooperation with the sustainability sector and the blockchain industry, Carbon Trading Agreement wants more people to co-develop decentralized applications dedicated to sustainability. Even if the carbon trading deal is successful, the world will still need more technological innovation and more people to participate in carbon neutrality by mitigating and adapting to the challenges posed by global climate change.
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