Inspenet, December 11, 2023.
A research center linked to the Abu Dhabi government has announced the launch of an innovative carbon trading platform based on blockchain , aimed at its monitoring and commercialization. This announcement comes amid the UAE government’s efforts to reduce emissions to net zero.
The presentation of this new blockchain took place during COP28 on December 5. The platform will facilitate the international exchange of carbon tokens linked to investments in green projects, such as forestry and carbon capture.
About the new carbon trading platform
The platform was built by the Technology Innovation Cryptographic Research Center. The Technological Innovation Institute (TII), as indicated in a statement issued on December 5 by the TII, has implemented a blockchain capable of monitoring carbon emissions by recording the emission levels of any entity, whether public or private, worldwide, according to the TII.
The innovative Carbon Center (CRC) platform reflects the UAE’s ambition to establish itself as a technological power and demonstrates its commitment to leadership in the global climate action agenda. According to the TII, users have the ability to generate tokens that represent a specific amount of carbon dioxide removed from the environment. These tokens can be tracked throughout their journey in the supply chain.
Peer-to-peer energy sharing, waste disposal monitoring, recycling operations, and forest management initiatives represent some of the most likely scenarios for the application of blockchain technology. Additionally, auditors will be involved to ensure the continued transparency and security of the platform.
It is important to mention that the institute has communicated that it has adopted an efficient and lightweight blockchain implementation, with the intention of not being excessively demanding from a computational point of view. In this way, trading through the platform can be carried out with minimal or no costs.
Dr. Ray O. Johnson, CEO of TII, expressed that the blockchain-based solution represents a positive step towards the goal of making the United Arab Emirates a global leader in technology:
” We are proud to announce this digitized tracking and trading platform at COP28, which represents the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the global climate action agenda. “
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