Ways to address the issue of Carbon Credit could include: 1. Developing more transparent and reliable methods for measuring and monitoring carbon reduction efforts. 2. Establishing standardized criteria and protocols to ensure the integrity and credibility of carbon credits. 3. Encouraging greater participation in carbon markets by expanding the range of eligible activities and reducing transaction costs. 4. Promoting international cooperation and coordination to address the global nature of the issue and prevent double counting of credits. 5. Increasing education and awareness among consumers and stakeholders to encourage greater demand for carbon credits and more sustainable practices. 6. Exploring alternative approaches to carbon offsets, such as direct investments in renewable energy or carbon capture technologies.

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Blockchain technology has the potential to be a game-changer in the carbon credit market, according to a Forbes article. Carbon credits enable companies to invest in activities such as restoring natural carbon sinks to help meet global climate goals. While governments and major corporations purchase the majority of credits, blockchain and tokenization technology can help to widen their adoption and utilisation. Blockchain can provide a more transparent, trusted and efficient market for carbon credit transactions, promoting balance and reducing the risk of fraud while enabling the unified creation of accounting principles. Blockchain’s smart contracts can automate business processes and store metadata securely with tradable units, streamlining the carbon trading process, reducing transaction costs and cutting down on paperwork. Additionally, non-fungible tokens (NFTs) could provide a means to incorporate categorisation and clarity for investors confused by different classification of offset types. They also offer fractionalised carbon credits, enabling ordinary consumers to participate in the carbon credit marketplace.

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