The Cambridge Centre for Carbon Credits (4C), built on the Tezos blockchain, will create a decentralized market to finance environmental projects, according to a press release.
The initiative aims to support biodiversity conservation programs and climate-change mitigation projects that lack funding.
The centre’s director Anila Madhaveddi noted that existing accreditation systems have undermined trust in carbon credits.
“The recent COP-26 announcement of a new commitment to reverse deforestation and land degradation demonstrates the pivotal role of forests in sequestering carbon and the health of our planet,” said Professor of Zoology Andrew Balmford.
According to him, 4C will back key research and forest restoration projects.
Earlier, in September, the Singapore-based startup Cyberdyne Tech Exchange issued the first tranche of carbon-credit-backed tokens for a wind-energy project in Zhangjiakou Urban District, Hebei Province.
Earlier, Norilsk Nickel’s palladium fund listed on the Vienna Stock Exchange tokens backed by nickel with a neutral carbon balance.
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