BITMO Platform Launch covered by Cointelegraph's Selva Ozelli
Cointelegraph’s Selva Ozelli kindly interviewed Blockchain for Climate Foundation’s Joseph Pallant on the launch of the BITMO Platform at COP26 in Glasgow. Full Article HERE. Highlights below:
Article 6 of the Paris Agreement, which covers international cooperation — including carbon markets — established new rules for trading carbon credits representing a metric ton of carbon that has been reduced or removed from the atmosphere. The new rules create an accounting system that is intended to prevent the double-counting of emissions reductions and is made up of two parts: a centralized system open to the public and private sectors, and a separate bilateral system that will allow countries to trade credits that they can use to help meet their decarbonization targets.
Joseph Pallant, climate innovation director at Ecotrust Canada and founder and executive director of Blockchain for Climate Foundation, explained to me:
“Emissions reductions outcomes are the most important, and soon to be the most valuable, assets of the world.”
He continued: “The BITMO Platform, built on Ethereum, enables cross-border collaboration on emissions reductions, distributing the benefits of clean energy, natural climate solutions and better infrastructure to all corners of the globe.”
The BITMO Platform is a project of Blockchain for Climate Foundation, which created it to advance Article 6 of the Paris Agreement and use blockchain technology to bring forward a more effective, efficient global carbon market. It allows for the issuance and exchange of “blockchain internationally transferred mitigation outcomes” (BITMOs) on the Ethereum blockchain as ERC-1155 nonfungible tokens (NFTs). Each token represents one metric ton of CO2, and the relevant carbon credit data is embedded in the NFT.
Article 6 intends to connect worldwide opportunities for emissions reductions to the needed capital and demand. For a global carbon market to reflect real emissions reductions, the accounting infrastructure needs to ensure integrity, cooperation and avoid double-counting emissions reductions. The BITMO Platform acts as a secure record for issuance, transfer and retirement of each country’s internationally transferred mitigation outcomes that can be integrated or reconciled with national carbon registries and future UN Framework Convention on Climate Change requirements. BITMOs help achieve global climate goals by making any relevant data easily visible, available to the public and settled immediately when exchanged, avoiding the double-counting of emissions reductions.
Full article at https://cointelegraph.com/news/un-s-cop26-climate-change-goals-include-emerging-tech-and-carbon-taxes