The pandemic year ends with a tokenized carbon cap-and-trade solution cointelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cointelegraph.com Daily Mail and Mail on Sunday newspapers.
UPCO2 is tokenised carbon credit which helps fight deforestation in the Amazon, Congo Basin and Indonesia
Towards the start of the month, Elon Musk tweeted “Hodl the rainforests!!”, implying in crypto terminology that we need to sustain and protect the rainforests for the future. Well the Universal Protocol Alliance (UPA) have risen to meet that challenge by tokenising carbon.
UPA is a coalition of leading blockchain companies which includes CertiK, Uphold, Bittrex Global, Ledger, Fifth Era, Trovio, Hard Yaka and SFOX. At the start of 2020, they launched the Universal Carbon token UPCO2, with one UPCO2 representing one year-ton of CO2 pollution avoided by a project which is certified as REDD+ (reducing emissions from deforestation and forest degradation).
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It has been a blazing start to a new decade, with 13% more large, uncontrolled wildfires around the world this year compared with 2019. This has spelled dire consequences for CO2 levels, which have made worse a terrible COVID-19 pandemic that has led to unprecedented worldwide lockdowns that have rapidly pushed the economy toward digitization.
As a result of the COVID-19 pandemic, governments around the world have been forced to focus on integrating blockchain technology into their financial services. At the 75th anniversary of the United Nations General Assembly, Sky Guo, a founding member of the Official Monetary and Financial Institutions Forum and co-founder of Cypherium an enterprise-focused platform facilitating interoperability between blockchains and central bank digital currencies, or CBDCs discussed how the next generation of foreign policy leaders can leverage emerging digital technologies to solve the world’s most pressing challenges, given that 80
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The Universal Protocol Alliance (UPA), a coalition of leading blockchain companies including Bittrex Global, Ledger, Certik, Infinigold and Uphold, today launches Universal Carbon (UPCO2), the world’s first tradable carbon token on a public blockchain that can be bought and held as an investment, or burnt to offset an individual’s carbon footprint.
With demand for carbon credits outstripping supply by a factor of 4 to 1 in 2020, according to the World Bank, the UPCO2 Token is set to democratise an important new asset class, which could lead to the establishment of a global clearing price for carbon (as today exists for such commodities as oil and gold) and more resources going into environmental projects.