Betting on blockchain to simplify carbon trading

Climate change has become one of the most urgent issues facing the entire planet. It has become increasingly clear to the majority of nations that further delaying action to mitigate the rise of global temperatures will cause irreversible impacts to ecosystems and populations. Carbon trading is one of the most efficient ways for nations to reduce their levels of greenhouse gas emissions, according to the International Emissions Trading Association (IETA).

However, the global carbon market is very fragmented. In the absence of a unified platform to purchase and sell carbon credits, regional markets have adopted different standards and policies. Trading costs are high because buyers and sellers rely on intermediaries to handle the often complex and cumbersome process.

Last year, a Beijing-based team of environmental advocates founded Synergy Blockchain Technology with the goal of stimulating China’s carbon economy through blockchain-based trading. Their platform is designed to lower the cost of carbon trading and reduce friction for buyers and sellers.

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