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China Releases First Carbon Offset on Ant Group Blockchain: Report
Tianjin, known for its heavy industry and oil refineries, issued China's first blockchain-based carbon offset, as the country builds up its national carbon trading platform.
Tianjin released China's first blockchain-based carbon offset certificate, Binhai Times reported, days after the world's second-largest economy launched its national carbon market.
STORY CONTINUES BELOW
- The city's emission rights exchange announced the news at a conference on fintech and green finance held on July 15.
- The offset is built using AntChain, fintech giant Ant Group's enterprise blockchain platform.
- Blockchain can make the issuance, trading, and audit of carbon offsets transparent and traceable, according to the report.
- China aims to achieve carbon neutrality by 2060, according to its latest Five-Year Plan. It is ramping up the use of green finance with green bonds and a national carbon market announced Friday.
- Tianjin is a coastal city in northern China, close to Beijing. It is a major port and industrial hub in China, particularly in petrochemicals.
- The local government has blockchain ambitions. In 2019 it announced a blockchain-based customs management platform and it is part of a wider plan to integrate logistics using blockchain across the region.
- IBM started building a blockchain platform for carbon emissions in China in 2016.
Read more: WEF, Mining Giants Develop Blockchain Platform for Tracking Carbon Emissions
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
