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China Releases First Carbon Offset on Ant Group Blockchain: Report
Tianjin, known for its heavy industry and oil refineries, issued China's first blockchain-based carbon offset, as the country builds up its national carbon trading platform.
Updated Dec 10, 2022, 9:34 p.m. Published Jul 19, 2021, 4:50 a.m.
Tianjin released China's first blockchain-based carbon offset certificate, Binhai Times reported, days after the world's second-largest economy launched its national carbon market.
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- The city's emission rights exchange announced the news at a conference on fintech and green finance held on July 15.
- The offset is built using AntChain, fintech giant Ant Group's enterprise blockchain platform.
- Blockchain can make the issuance, trading, and audit of carbon offsets transparent and traceable, according to the report.
- China aims to achieve carbon neutrality by 2060, according to its latest Five-Year Plan. It is ramping up the use of green finance with green bonds and a national carbon market announced Friday.
- Tianjin is a coastal city in northern China, close to Beijing. It is a major port and industrial hub in China, particularly in petrochemicals.
- The local government has blockchain ambitions. In 2019 it announced a blockchain-based customs management platform and it is part of a wider plan to integrate logistics using blockchain across the region.
- IBM started building a blockchain platform for carbon emissions in China in 2016.
Read more: WEF, Mining Giants Develop Blockchain Platform for Tracking Carbon Emissions
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