How Algorand Is Helping In The Tokenization Of Carbon Assets In Asia
Updated: Sep 27, 2021
WHAT ARE CARBON CREDITS?
Ever heard about the trading market? Of course, we all have. Have you heard about the Carbon Credit market? Maybe.
Well, first let’s get into what Carbon Credits are. Carbon credits are strategically and sustainably aimed towards the creation of national and international environmental projects. They prioritize the reduction of GHG(Green-House-Gas) emissions, which are in turn being absorbed by forests around the world. Several environmental scientists around the world believe that the destruction of these ecosystems is leading to an increase in the global carbon footprint and thus is resulting in warmer temperatures. This is where Carbon Credits come in. They provide a means of funding to preserve and sustain these forest ecosystems.
HOW ARE CARBON CREDITS CREATED?
When companies achieve reduced overall Carbon emissions by using sustainable methods and technologies or when entities focus upon Carbon sequestration, by creating resources like forests and agricultural ecosystems that hold out Carbon from the atmosphere each of them aiming to tackle one metric ton of carbon or greenhouse gas emissions, which is in turn equal to one carbon credit.
Very similar to the stock market, they can be traded or sold to consumers through either exchanges or direct sales.
WHAT IS GLOBAL CARBON HOLDING (GCH)?
Global carbon holding uses Algorands blockchain technology which helps the company to tokenize Carbon Credit assets in Asia and also makes space to create and support a transparent and global marketplace to buy certified carbon offsets that are recognized, registered, and certified by international organizations and institutions. According to GCH, In 2020 the international carbon credit market had gone past the 144 Billion mark and continues to grow at an exponential rate. Now the company is keen on developing and investing in multiple carbon credit and renewable energy projects for the future.
HOW DOES USING ALGORAND MAKE A DIFFERENCE?
Using Algorand’s transparent, secure and immutable blockchain, GCH manages to secure the confidence and trust of organizations and institutions looking to purchase Carbon Credits through GCHs digital marketplace. The on-chain transparency of the blockchain provides for easier price discovery for these Carbon Offsets thus benefiting both sellers and buyers. The security provided by Algorand empowers and ensures the trust of institutional investors in the marketplace.
In January 2021 Jerry Karlsson (Chief Operating Officer, GCH) had spoken about the company's collaboration with Algorand.In an interview he had mentioned, “We are very pleased to enter this collaboration phase with the Algorand Foundation to further extend our long-standing relationship with Algorand.“The maturity and composability of the Algorand technology is ideal for robust and scalable business implementations. We are looking forward to bringing transactions of large economic value to the Algorand network, as well as collaborating on a roll-out of tokenized Carbon Credit assets globally. ”
Thus, environmental projects like GCH built on Algorand might not only be self-beneficial but also might inspire various developers, institutions, and governments from different sections to take a look and build on the transparent, secure, and immutable blockchain network.
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