Focus on Climate Change The DAO Climate Organization has collected more than 9 million tons of carbon offset, according to a November 8 announcement. The dollar value of these compensations exceeded $100 million.
In a blog post, the project explained that these offsets correspond to annual emissions from Georgia, Jamaica or Papua New Guinea. Climate The DAO Protocol aims to further increase the price of carbon assets.
The core team told Cointelegraph that it intends to apply upward pressure on offset carbon prices “to make it more profitable to engage in offset-generating activities such as land conservation to sequester carbon or restore forests and wetlands.”
Carbon offset is the reduction of greenhouse gas emissions in one place to offset emissions in another.
Accumulating all of these offsets, known as basic carbon tons (BCT), the mass of Climate DAO blocked about 85% of the 10.7 million BCTs in the chain. Each BCT is a digital asset representing one ton of Verified Carbon Units (VCU) that have been connected to the Polygon network using the Toucan protocol.
When the balance of the Central Bank of Tunisia in the treasury increases:
“Climate The DAO community will seek to promote better carbon offset projects, especially in developing countries.”
The project hopes to stimulate the price of BCT coins by introducing tax sharing, a peg program, and incentivized liquidity pools on Sushiswap.
The project uses the blockchain as an accounting system that can provide standardization and accountability to effectively assess data on the economic and environmental impact of compensation.
On this topic: The Climate Impact of Cryptocurrency: Is Carbon Offset Good Enough?
Controlling climate change with blockchain has become a common topic for both technologists and environmentally sensitive people. During this week’s GOP26 event in Glasgow, Scotland, groups from Citizens United and the Climate Change Coalition spoke out in favor of green economy initiatives.
The University of Cambridge also announced this week that it will partner with Tezos to create a decentralized carbon credit market.