Blockchain technology could help improve the carbon credit markets and contribute to a more sustainable future, according to industry experts. Carbon credits are permits that allow owners to emit specific amounts of carbon dioxide or other greenhouse gases. However, the sector has been hit by claims that some credits are more accurate than others, while the lack of a centralised market for trading offers no consistent carbon price. Jeff Renn, partner at crypto exchange OKX, said that blockchain’s immutable dataset could combat the fragmented and opaque market. Once recorded on the blockchain, transactions cannot be altered later, improving transparency and trust in the market. Blockchain technologies are already helping to make the market more transparent, according to BeZero Carbon’s Tedd Christie-Miller. While experts agree that blockchain technology could revolutionise the carbon credit market, effective regulation is also required to ensure the quality of the credits, according to one commentator.
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It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...
