The University of Cambridge announced in a statement Friday morning that it will build a new decentralized carbon marketplace to support a global transplant. The ultimate goal will be to expand the use of environmental solutions, or NbS, such as afforestation, through financial instruments. The Foundation envisions that buyers of carbon credits will be able to securely and directly fund NbS projects through the platform.
The initiative, known as the Cambridge Carbon Credit Centre, or 4C, is based on the Department of Computer Science and Technology and the Conservation Research Institute. The researchers and researchers will build a marketplace on the Tezo blockchain. Tezos is a smart contract blockchain that allows users to vote on control protocols proposed by developers. Grid is known for its eco-friendly nature.
Earlier this year, the Tezos developers tweeted that stamping three non-fungible tokens, or NFTs, on the Tezos blockchain produces 0.00054 pounds of CO2, compared to 915 pounds of CO2 for the same NFTs on the Ethereum blockchain.
Anil Madhavapede, Director of 4C, made the following statement regarding the technology development:
“Current credit systems that measure and report the value of carbon and related benefits, such as biodiversity conservation and poverty reduction that life-based solutions provide, are expensive, slow, and imprecise. These systems have undermined the credibility of NbS carbon credits. What is needed is A decentralized marketplace where carbon buyers can securely and directly finance sustainable conservation projects. This is the gap that the center seeks to fill.”