The program will tackle challenges around using the purchase of carbon credits to fund nature-based solutions preserving biodiversity.

university, tezos, blockchain, carbon emissions

King's College, Cambridge University. (alexxxis/Pixabay)

The University of Cambridge is developing a blockchain-based market for trading carbon credits that will support reforestation projects to preserve biodiversity.

  • The U.K. university has established the Cambridge Centre for Carbon Credits where computer scientists and conservation scientists will work together on the project.

  • The center will look at how the purchase of carbon credits can be used to fund nature-based solutions preserving biodiversity.

  • The marketplace will be built on the Tezos blockchain, chosen because it is a sustainable option.

  • A carbon credit is a permit that allows the holder to emit a certain amount of carbon dioxide or other greenhouse gas, such as methane.

  • The Cambridge project joins other blockchain climate initiatives announced in the run-up to the COP26 conference in Glasgow, Scotland as concern over global climate change has mounted. In July, China introduced a carbon trading system, to be followed by a token-based carbon neutrality project in Singapore in September.

  • Earlier this month, the crypto exchange BitMEX bought $100,000 worth of carbon credits, representing 7,110 metric tons of carbon dioxide emissions, enough to offset its bitcoin carbon footprint for the next year.

  • At the end of last year, the Universal Protocol Alliance, a coalition of blockchain companies led by Uphold, Bittrex Global, Ledger, Certik and Infinigold, announced the launch of the “UPCO2″ token.

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