In a Friday morning announcement, the University of Cambridge revealed it could be building a novel decentralized carbon credit market to support world reforestation efforts. Its ultimate purpose could be to increase the adoption of nature-based conservation solutions, or NbS, akin to reforestation, via monetary devices. The establishment envisions that purchasers of carbon credit will be able to securely and directly fund NbS projects through the platform.
The initiative, known as the Cambridge Centre for Carbon Credit, or 4C, relies on the Department of Computer Science and Technology and the Conservation Analysis Institute. Scientists and researchers will construct the marketplace on the Tezos blockchain. Tezos is a smart contract blockchain that allows users to vote on governance protocols put forth by developers. The community is understood for its eco-friendly nature.
Earlier in the year, Tezos developers tweeted that minting three nonfungible tokens, or NFTs, on the Tezos blockchain produces .00054 lbs of carbon dioxide, in comparison with 915 lbs of CO2 for a similar NFTs minted on the Ethereum blockchain
Anil Madhavapeddy, 4C’s director, issued the following statement concerning the technological growth:
“Present accreditation programs that measure and report the value of carbon and associated advantages like biodiversity conservation and poverty reduction rendered by NbS are costly, slow, and inaccurate. These programs have undermined trust in NbS carbon credit. What is needed is a decentralized market where purchasers of carbon credit can confidently and instantly fund trusted nature-based projects. And that’s the gap the Centre is aiming to fill.”