CarbonEco: Reduction of Carbon Footprints via Smart Contracts on Ethereum

Voluntary Carbon Markets

Voluntary carbon markets are a way for companies to voluntarily purchase carbon credits in order to offset their carbon emissions.

Voluntary carbon markets are growing rapidly, as more and more companies realize the benefits of taking steps to protect our planet, and as more and more people realize how much more efficient and cost-effective this kind of market can be than other methods.

CarbonEco

CarbonEco, a new platform that enables sellers and buyers to participate in voluntary carbon offsets, has just launched.

The platform makes use of the Ethereum blockchain to streamline the listing process and make transactions occur in real time.

Its goal is to make it easier for businesses to get involved in environmental efforts, while also making it easier for individuals to make choices that help their community and planet.

The key components of this ecosystem are the CarbonEco smart contract and carbonEco (c0) token.

The smart contract acts as your personal ledger to track the carbon credits you own, while the token is an ERC20-compliant digital asset that represents a unit of value within the system.

The second component is their digital registry, where all participants can view their available carbon credit balance at any time.

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Why is this relevant?

Voluntary carbon markets are an important part of the solution to climate change.

They can help us cut carbon emissions and reduce reliance on fossil fuels.

We have seen a significant increase in renewable energy sources since 2000 in most OECD countries.

However, we still need to increase our efforts in order to reach the goals outlined under Paris Climate Agreement (nearly 200 countries agreed to limit global warming to no more than 2 degrees Celsius by 2100, and to aim for a no more than 1.5 degrees Celsius increase).

Voluntary carbon markets are one way we can work towards these targets; they encourage individuals and businesses to buy “carbon credits,” which offset their own greenhouse gas emissions by supporting green energy projects elsewhere in the world.

By participating in this type of program, everyone has an opportunity to contribute — and everyone benefits from reducing their own environmental impact!

Decentralization in the best interest of all

A decentralised carbon market is a great way to ensure that the benefits of carbon credits are shared by all.

In many third world countries, unfortunately due to corruption, although several carbon projects have raised funds, it has been hard to see actual implementation on the ground.

Having a market place that’s easier to access for buyers and sellers alike creates a self-regulatory effect, enabling those who actually make an impact to remain, whilst the corrupt parties will be ruled out by the community.

Blockchain offers that degree of transparency.

Voluntary carbon markets can work, but they are still in their infancy. CarbonEco is a key part of the future of voluntary carbon markets.

CarbonEco is an open source platform on which anyone can build and connect their own marketplaces (i.e., exchanges).

It’s also a blockchain platform that uses smart contracts to facilitate transactions between buyers and sellers of carbon credits.

Voluntary carbon markets can work

Voluntary carbon markets are a win-win situation for everyone.

They provide an effective, flexible way to reduce greenhouse gas emissions, and they create opportunities for investors to make money by buying and selling emission allowances.

According to Refinitiv’s analysts, Global Carbon Markets expanded by 164% in 2021 to $851 billion. The European Union’s Emissions Trading System (EU ETS) is currently worth 683 billion euros (approximately $769 billion). EU ETS has been around since 2005.

This market is likely to continue growing at a rapid pace for the next 3 decades. This would make it larger than any other sector except retailing.

With so much potential revenue on the line, it’s no wonder that voluntary carbon markets have proven so popular among consumers worldwide: they’re easy to use and don’t require any lifestyle changes — just buy some credits!

Plus you can feel good about yourself while helping save the planet.

We at Financely Group are not advocating for any particular policy, but we support all policies that work to reign in greenhouse gas emissions.

When it comes to carbon markets, we believe it’s important that they be designed with an eye towards equity and inclusion, so that they are accessible to everyone.

We also think these markets should be designed with the principles of transparency and accountability in mind, so that the public can trust them.

We will continue to monitor these issues and report back if there is any news or developments in this space!