Climatetrade and EcoRegistry partnered and reported that they will offer Colombian companies a carbon dioxide (CO2) compensation program through blockchain technology, which will allow them to generate transaction savings of 40%.
Thanks to the alliance, Climatetrade will create the mitigation projects and EcoRegistry will keep the records on blockchain and create carbon credits that companies will be able to trade in Europe, trusting that the transparency of the operation will provide security in the markets.
Compliance with climate commitments
The agreement will allow Colombian companies meet its climate commitments with a greater supply of credits in the carbon market.
Climatetrade allows companies to choose where to offset emissions and to achieve this it offers a marketplace with different categories: the first is “Carbon Offsetting Projects”.
The next category is “Nature-based Solutions” and the third is “Guarantees of Origin”.
The company highlights in this regard:
“Climatetrade is committed to this challenge, the target includes 225 million reduced tons of carbon, and companies play a crucial role in achieving it. With EcoRegistry we can further expand our portfolio of projects, opening an opportunity for Colombia and the mitigation projects that are emerging as a result of the carbon tax and its non-causation mechanism ”.
The great market potential in reducing carbon emissions
The use of blockchain will allow Colombian companies to accelerate the sale of their carbon credits from three months to 5 minutes. Even, It is mentioned that its clients include Iberia, Telefónica and the Meliá hotel chain.
EcoRegistry is a blockchain platform focused on the sale of carbon credits in the European market, through certificates in ClimateTrade and Carbon Footprint Italy.
The Company explains that Colombia has managed to reduce more than 40 million tons of CO2 in the last 4 years, driven by the mechanism of “non-causation of the carbon tax”.
Blockchain and the way forward
Both companies emphasized that they have the support of the President of the European Union, Ursula Von Der Leyen, who has reaffirmed the European effort in the fight against climate change through a green pact, in which They commit to reduce their emissions by 55% by 2030.
For its part, EcoRegistry specifies that Colombia is a pioneer in the application of blockchain technology in the environment:
“An adequate record of information and a transparent accounting of assets is essential for the proper functioning of the market. EcoRegistry is based on blockchain and is a pioneer in Colombia and Latin America and has the Enterprise Blockchain Security Specification (EBSS) Compliant seal, thanks to the high standards and good practices in the use of technology ”.
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