ICC Carbon Council to Adopt Blockchain Technology in Carbon Market
International Chamber of Commerce (ICC) has rolled out its fresh Carbon Council efforts to commemorate the 50th anniversary of Earth Day.
The latest program intends to draw higher liquidity to the carbon market via the utilization of blockchain technology.
ICC represents over 45 million enterprises in 100 nations. Looking at the wider reach, it could be great victory for both blockchain sector and carbon market.
To achieve the objective, ICC has partnered with blockchain focused firm Perlin to establish a carbon-supporting digital business ecosystem, and AirCarbon Exchange, a carbon asset digital exchange.
Key global enterprises such as BlackRock, Shell, Macquarie Bank, Singapore Airlines, Temasek and State Street participated in the maiden meeting of ICC’s Carbon Council.
ICC states that the main objective of establishing the Carbon Council is to partner with both public and private entities to set up an improved system for financial worldwide climate action.
Their planned utilization of blockchain technology is to draw additional liquidity, accessibility, openness and normalization in the carbon markets.
Responding to the crucial requirement for businesses across the globe to collaborate together in resolving global warming risks, John W.H. Denton AO, secretary-general of ICC, said:
“This milestone Earth Day is a reminder that we must not lose sight of the need for an inclusive, resilient and sustainable future for people and our planet.”
Via the Carbon Council, ICC intends to lure additional investment into the carbon market so that carbon nullifying ventures could operate in an efficient manner.
Perlin CEO Dorjee Sun states that the efforts by Carbon Council “will complement the Carbon DAO for project funding we are launching, which will provide unprecedented access to best-in-class carbon projects worldwide.”
Looking at the enormous capability of blockchain in the energy industry, several global organizations and startups are on job to manage carbon emission problems utilizing blockchain.
Initially, 1PLANET rolled out a decentralized app that permits users to quickly make use of ERC-20 tokens to nullify or offset their carbon emissions.
Last October, AirCarbon unveiled global tokenized carbon credits trading system that permits enterprises to buy and sell tokens portraying carbon offset credits.