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IFC-Backed Carbon Opportunities Fund Uses Chia Network to Settle Tokenized Carbon Credits
Investment company Sumitomo Corporation of Americas purchased a batch of tokenized carbon offsets from the Carbon Opportunities Fund.
Updated Jun 28, 2023, 1:00 p.m. Published Jun 28, 2023, 1:00 p.m.
Carbon Opportunities Fund, a private equity fund for the development of carbon credit verification, settled its first transactions of tokenized carbon credits using the Chia blockchain.
Investment company Sumitomo Corporation of Americas (SCOA) purchased a batch of tokenized carbon offsets from the fund, which was developed on Chia by World Bank affiliate International Finance Corporation. (IFC).
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Carbon offsets are a means for companies to compensate for their emissions by purchasing credits that fund projects in tree planting or renewable energy.
The aim of the Carbon Opportunities Fund is to create a digital carbon market infrastructure using blockchain to add greater transparency to the offsets.
At the time of writing, tokens of Chia blockchain (XCH) were up marginally at $34.29.
"Chia can facilitate the integration of different carbon markets, making it easier for participants to trade credits across borders and platforms," said Mark Lyra, senior director at SCOA, said. "This can increase the liquidity and overall value of the carbon market, including the creation of new carbon asset classes."
Read More: Chia Network Submits Registration to U.S. SEC For Proposed IPO
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