SDG Exchange launches platform using blockchain to enable carbon credit trading
The sustainability marketplace for carbon credits, SDG Exchange, has announced the global launch of its platform which aims to enable efficient and transparent global markets for carbon credits in accordance with Article 6 of the Agreement. Paris within the framework of the current COP26.
The marketplace enables countries and businesses to accelerate their adherence to the Paris Agreement through transparent and secure blockchain asset transactions on a global scale.
According to the exchange, all assets listed on SDG exchange platforms comply with Article 6 of the Paris Agreement, fully verified by an independent third-party audit.
Carbon credits entering SDGx’s carbon asset monetization (CAM) market are registered on the blockchain, eliminating current inefficiencies in the carbon market including double counting, double printing, double spending and double retirement. emerging. All transactions, custody, accounting, and retirement are public records through an immutable distributed ledger.
Carbon credits can remain as a credit or be transferred to an Internationally Transfered Mitigation Outcomes (ITMO) digital unit, enabling the transfer of carbon credits between countries and markets around the world. According to section 6, an ITMO is equivalent to one metric ton of carbon dioxide equivalent. Asset transactions are made via fiat, bitcoin, or ethereum.
“SDGx’s platform provides a market infrastructure with transparency, trust, accountability, efficiency and global price standardization, which countries and large private sector players need for global carbon offset markets to achieve. scale and volume required to mitigate climate change. We look forward to being a trusted market enabler, ”said Jason Cooner, CEO of SDG Exchange.
Article 6 of the Paris Agreement calls for a strong global market for trading carbon offsets as one of the main tools to tackle climate change. Five years later, a global consensus on market standards remains elusive.
Earlier this week, Prime Minister Narendra Modi pledged at the UN climate conference COP26 in Glasgow that India will achieve net zero emissions by 2070.
Speaking at the ‘High Level Segment for Heads of State and Government’ at the 26th Conference of the Parties to the UNFCCC (COP26) in Glasgow, the Prime Minister also announced that the country would cut a billion tonnes of emissions expected by 2030.
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