The Universal Protocol alliance has launched the world's first carbon offset tradeable token on a Ethereum blockchain. The Universal Protocol alliance is a group of well known cryptocurrency players including Bittrex Global, CertiK, Fifth Era, Hard Yaka, Infinigold, Ledger, and Uphold. This carbon token will be traded on Uphold as UPCO2.
What is Universal Carbon (UPCO2)?
The UPCO2 token are backed on 1:1 basis by Voluntary Carbon Credits on Veera and other leading standards agencies certified by REDD+. Each token represents 1 ton-year of carbon emission averted. Carbon credits are universally acclaimed as a great way to offset ones carbon footprint and UPCO2 helps digitize them on a public blockchain. It’s an ERC20 token on the Ethereum Network.
With demand for carbon credits outstripping supply by a factor of 4 to 1 in 2020, according to the World Bank, the UPCO2 Token is set to democratize an important new asset class, which could lead to the establishment of a global clearing price for carbon (as today exists for such commodities as oil and gold) and more resources going directly into environmental projects.
Why Universal Carbon (UPCO2)?
Digitization of carbon credits enables an individual to buy and hold carbon credits. These carbon credits can be kept as investment or can be consumed to offset their carbon footprint. An individual now can also transact in fractional carbon credits thus providing an opportunity to invest or consume according to their needs.
The UP Alliance Chairman, Matthew Le Merle explained,
The projects we support through carbon credit purchases prevent deforestation in the Amazon, Congo Basin and Indonesia as well as other threatened rainforests. For a new generation of investors looking for more than mere financial return, UPCO2 offers attractive social, economic and environmental benefits. At a key moment for climate change, UPCO2 allows people worldwide to do good for the planet and potentially do well for themselves.
How to buy Universal Carbon (UPCO2)?
Universal Carbon is currently available only on Uphold.com. You will need an valid and approved account with Uphold.com to transact in UPCO2. The Uphold platform allows to transact across 36 digital currencies, 27 national currencies, 50 equities, and more than 1000 tradeable currency pairs.
What is Carbon Credit?
As defined by Wikipedia, a carbon credit is a generic term for any tradable certificate or permit representing the right to emit one tonne of carbon dioxide or the equivalent amount of a different greenhouse gas (tCO2e).
What are your thoughts on this? Would you be interested in buying them, whether to hold or to offset your carbon footprint? Please let me know in the comments.
