A coalition of crypto companies is offering tokens to individuals for carbon credits to compensate for their carbon footprint.
According to the announcement on December 1, the Universal Protocol Alliance, or UPA, has launched a negotiable carbon mark on the public blockchain. UPA said that crypto users can “copy” UPCO2 universal carbon code to compensate for their carbon footprint. However, they also have the option to store premium coins or trade them like any other digital asset with Uphold, the most important wallet and trading platform in the United States, which is also a member of UPA.
One UPCO2 code represents a confirmed rainforest project to reduce carbon dioxide emissions per tonne per year. The alliance uses digital certifications issued by Verra, an international standards agency, which allows approved projects to convert reductions in greenhouse gas emissions into marketable carbon credits.
“The projects we support through our purchase of carbon credits prevent deforestation in the Amazon, the Congo Basin and Indonesia and other endangered rainforests,” said UPA President Matthew Le Merle. “At a critical time for climate change, UPCO2 is enabling people around the world to do good for the planet and potentially do good for themselves.”
The voluntary carbon credits that support these carbon tokens are said to “ultimately have to pay the same price anywhere”, as what they represent – one tonne of carbon per year – is measured the same for all companies that want to compensate for carbon emissions. “Dollar denominations, globally recognized, fungible and permanent assets” must maintain the value of the option in order to be exercised. Le Merle sa:
“Combine digital assets with rainforest carbon offsets and provide access to everyone in the world. How could this not be the best idea? ”
Some companies are developing token carbon credits and blockchain solutions for the environment, as the threat of climate change awaits on the horizon. In April, the International Chamber of Commerce announced that it would increase liquidity in the carbon market through the use of blockchain.
UPA is a coalition of cryptocurrency and blockchain companies committed to accelerating the adoption of blockchain as a common financial technology. These include organizations such as Bittrex Global, Cred, Uphold, Ledger, CertiK and Infinigold.