Bitgreen invited to join International Emissions Trading Association (IETA)
Bitgreen has been invited to join the International Emissions Trading Association (IETA), a non-profit created in 1999 to establish an international framework for trading in greenhouse gas emission reductions.
Bitgreen recently announced that it has been granted permission to join IETA, the premier global trade association committed to developing policy to promote market-based solutions to address climate change.
Bitgreen will participate in working group committees and collaborate with other members on ways to utilize Web3 technology to reduce global emissions. IETA’s members hail from banks, brokers, energy and power providers, manufacturers, and the leading standards and emissions registries.
“We seek to contribute our team’s decades of experience in certification, regulation, technology and innovation to integrate the best practices from existing standards with the full potential that blockchain promises the industry” —Adam Carver, Bitgreen CEO.
An immediate way Bitgreen can contribute to reducing emissions is by using distributed ledger technology to enforce transparent and secure systems for verifying and tracking carbon credits. Carbon credits are the key tool in the Voluntary Carbon Market (VCM), which allows organizations to purchase credits to offset their emissions. The Bitgreen blockchain can help ensure that issued carbon credits are legitimate, meet strict standards set by credit registries and certification agencies like Verra and Gold Standard, and have not been sold multiple times.
Moreover, working with Bitgreen will enable IETA to tap into the growing ecosystem of blockchain companies and developers who are curious about applying the novel technology to tangible social issues. Already Bitgreen has introduced a carbon emissions auditing product in the Polkadot ecosystem and will be providing tokenized carbon offsets to the entire Polkadto and Kusama networks.
VCM has experienced significant growth in the last several years, reflecting an emerging interest by corporates and multilaterals in reducing global emissions and promoting sustainability. According to industry report by Shell, 2022 was a record-breaking year for carbon credits fast-following a record-breaking year in 2021, when the market topped $1B in origination value for the first time. Approximately 500 MtCO2 were traded in 2022 at a notional value of just under $2B. This is a 4x multiple over 2020’s volumes. Shell notes that their forecast for the voluntary market is expected to be 5x larger by 2030.