With concerns continuing to grow over climate change, and the latest Intergovernmental Panel on Climate Change (IPCC) report concluding that “rapid, far-reaching and unprecedented changes” are now required (source), many industry leaders are looking for ways to address the problem.
Not-for-profit firm emmi has utilised blockchain technology to meet this challenge, and develop a decentralised solution.
Founder Michael Lebbon explains: “In the past, governments were required to instil trust and confidence in a policy or platform, but this is no longer necessary thanks to the inherent nature of the blockchain,” he says.
“A decentralised carbon pricing registry, on the blockchain, is guaranteed to be trustworthy, transparent, and incorruptible. As a result, we can provide a framework for businesses to coordinate and collaborate in their efforts to reduce greenhouse gas emissions, without having to rely on the support of a national government.”
Powered by the blockchain, the open source decentralised emmi carbon trading platform offers a simple, robust, and scalable solution that has a low implementation cost for emitters.
Moreover, the system can link seamlessly between participants to build up a truly external carbon price across the economy/globe.
Emitters would effectively work together as a co-op, with the blockchain ensuring that the reported carbon emission reductions are accurate and accountable.
“The latest climate reports are telling us that urgent action is required, now more than ever,” says Michael. “Having spoken with senior energy industry insiders, many are willing and eager to step up and work together to reduce their business’ carbon emissions. They’re keen to pursue all avenues available to solve the problem. It’s all about collective leadership, and that’s a great way forward.”