Did you know that each bitcoin transaction in Crazy Time game requires the same amount of energy used to power nine homes in the US for a day? Or that each Bitcoin and Ethereum transaction emits 60kg and 10kg of carbon dioxide respectively. These compared to just 0.3grams of carbon dioxide being emitted for each VISA transaction*.
*Based on data collected on: October 24, 2017 by South Pole Group as part of the Climate Ledger Initiative.
While Bitcoin and Ethereum have enabled us to perform tasks and create a trustless environment
for many practices today, it has been at a cost.
Carbon Grid Protocol will help solve this problem by introducing
tradable carbon credits backed by crypto-economic incentives to the blockchain ecosystem
Carbon credits were created as an incentive for businesses and governments to adopt carbon-friendly business practices, with the aim of being the mechanism to balance the world’s carbon footprint. While it has grown to become a $52bn market, it has evolved to become limited by intermediaries. This results in a lack of market access for carbon credits.
Carbon credits remain largely unknown to the public as a solution to combat climate change. In addition, for those who are aware of it, the access to channels to participate or purchase carbon credits it not easily accessible.
The demand-side of carbon market is largely dominated by brokers and funds. Project developers often have to rely on having relationships with these intermediaries to promote their project to end-buyers.
There is currently a lack of accountability to track the sources of carbon credits bought. The use of the distributed ledger will help provide the layer of provenance needed in the market.
"Climate change is now affecting every country on every continent. It is disrupting national economies and affecting lives, costing people, communities and countries dearly today and even more tomorrow.
People are experiencing the significant impacts of climate change, which include changing weather patterns, rising sea level, and more extreme weather events. The greenhouse gas emissions from human activities are driving climate change and continue to rise. They are now at their highest levels in history. Without action, the world’s average surface temperature is projected to rise over the 21st century and is likely to surpass 3 degrees Celsius this century—with some areas of the world expected to warm even more. The poorest and most vulnerable people are being affected the most.
But climate change is a global challenge that does not respect national borders. Emissions anywhere affect people everywhere. It is an issue that requires solutions that need to be coordinated at the international level and it requires international cooperation to help developing countries move toward a low-carbon economy."
Due to existing structural market inefficiencies, up to 85% of the potential value in carbon credit trading remains unrealised. The value of this enormous untapped carbon asset pool can only be unlocked by radically increasing buyer-side awareness, accessability and demand.
Carbon Grid Protocol (CGRID) is designed as a complementary protocol layer enabling blockchain networks & DApps to efficiently access carbon credits to offset their carbon footprint. Our CGRID token dynamics will also provide compelling economic incentives for market participants to achieve and maintain carbon neutrality. Our ultimate goal is to promote the widespread adoption of carbon credits in blockchain as a valuable and readily tradable asset class.
As the governance model, reputable parties in the green sector will be appointed as authority nodes to validate transactions on the Carbon Grid protocol. Community members can also be part of the voting committee by staking CGRID tokens.
To also further propagate the goal of encouraging buyers’ demand of the carbon credits part, gas-fees used in the CGRID network will be used to purchase real-world carbon credits.
Enabling DApp developers to have direct access to the carbon market so as to build up buyers’ adoption
Creating a provenance layer to provide the traceability for Carbon credits purchased
*Project roadmap and timeline is subjected to changes.
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The digital gateway to the carbon market, with a focus on buyer’s adoption.
We are collaborating with a range of strategic investors, influencers and thought-leaders in the blockchain ecosystem, carbon credit markets and renewable energy sector. With their help, we aim to drive the active adoption of ground-breaking carbon offset practices for blockchain projects on a global scale.
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