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World Bank Affiliate IFC Backs Blockchain-Based Platform for Carbon Offsets
The Carbon Opportunities Fund aims to push investments for tokenized trading of carbon credits.
Updated May 11, 2023, 5:45 p.m. Published Aug 17, 2022, 12:33 p.m.
International Finance Corporation (IFC), a World Bank Group member focused on investment in less-developed countries, is teaming with energy-focused blockchain platform Chia Network on the Carbon Opportunities Fund.
- Also involved are sustainability finance company Aspiration and biodiversity investor Cultivo, and the fund will provide blockchain-based carbon credits purchased from projects chosen by those two companies.
- Carbon offsets are a means for companies to compensate for their emissions by purchasing credits that fund projects in tree planting or renewable energy.
- "This new framework that will use new blockchain technologies is an innovative way for capital markets to fully engage in carbon credit trading in a transparent, secure, fair and beneficial manner," said Paulo de Bolle, senior global director at IFC.
- Reuters reports the fund as being seeded with $10 million.
- Blockchain technology would appear to be a natural medium for carbon offset-related projects due to this transparency offered. However, for many blockchain is tainted by its association with the energy-heavy mining involved in cryptocurrency mining, the process by which new coins are released into the network.
Read more: Crypto Carbon Credits: Slapping Lipstick on a Pig
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