Climatecoin: Making Carbon Credit Trading Accessible On The Blockchain

Too Long; Didn't Read

Ever since the signing of the Kyoto protocol in 1997, countries have started limiting the amount of greenhouse gases they produce each year. One way they have done that has been through the establishment of Emissions Trading Schemes (ETS) around the world where industries in certain regions are required to participate. This sets a price per metric ton that it costs to produce greenhouse gases (GHG) beyond a predetermined cap, as participants are forced to buy offsets. It has also led to a voluntary market where individuals and companies can buy carbon offsets to limit their own carbon footprint. The money used to buy offsets goes to projects that reduce GHG emissions in one way or another. The Kyoto protocol established the Clean Development Mechanism (CDM), which validates and measures projects to ensure they produce authentic benefits. Qualified projects are certified CDM Gold Standard.