Startups such as Topl and Toucan are aiming to make carbon-credit markets more transparent through blockchains, and industry giants are taking note. This article is part of GainsinGreenTech, a series of transformative solutions to the climate crisis.
, are now aiming to improve the transparency and reliability of carbon credits by coupling climate initiatives with blockchain technology. Lately, even some big, established names in the industry are beginning to explore the idea.
Even before the results of that investigation, scientists and technologists in the climate industry had long bemoaned the challenges of. Some have cited the prohibitive costs for smaller, locally based initiatives to gain verification with an organization such as Verra or Gold Standard.
That's where blockchain technology comes in, Murphy and other proponents said. Crypto, of course, has faced an onslaught of criticism following the failure of companies including, BlockFi, and Celsius.
"The decentralized verification capability, and the promise of new low-emissions blockchain offerings, are what attracted AE to create a blockchain-based registry," he wrote in an email.After initial resistance, the climate industry is opening up to blockchainWhen Toucan, in late 2021 and early 2022, first began moving existing carbon credits from Verra onto the blockchain, the process resulted in a. In response, Verra banned such credit conversions last May.
And after early resistance, even large, standard-setting organizations such as Verra and Gold Standard have shown willingness to explore the technology. Verra completed a consultation on blockchain technology in January and plans to finalize its approach"in the near future," a spokesperson told Insider.
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