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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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.