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.
“According to an official source, the US EPA shows no worry over the possibility of renewable diesel exceeding the Renewable Fuel Standard (RFS) mandates.”
The US Environmental Protection Agency (EPA) is currently not concerned about the recent increase in supply of biomass-based diesel, which...