Blockchain-based carbon credit project receives $250,000 investment from EMURGO Africa
The project, Changeblock, uses blockchain for carbon trading, letting companies offset excess emissions via verified reduction projects.
EMURGO Africa, Cardano’s commercial arm on the continent, has invested $250,000 in the environmental credit exchange company Changeblock.
Quick facts
- In a press statement, EMURGO Africa noted that its investment aimed to promote sustainable development and environmental responsibility, especially in the carbon exchange market.
- The company’s CEO, Ahmed Amer, said the move aligned with the company’s aim to advance the development of technologies that reverse climate change.
“Our investment in Changeblock is in line with our commitment to foster the development of climate change reversal technologies and impactful solutions on Cardano’s third generation and environmentally sustainable blockchain.”
Of note:
- Changeblock employs blockchain to facilitate carbon credit trading, enabling companies that surpass emissions limits to counterbalance their excesses by acquiring credits through emission-reduction projects.
- Billy Richards, Changeblock CEO, said the company hopes to leverage blockchain to make the carbon exchange process more transparent.
“Our shared vision with EMURGO Africa is to turn sustainable action into a valuable, tradeable asset for Africa. By leveraging the power of blockchain, we are creating a transparent and efficient market that incentivizes sustainable practices and attracts climate-focused investments.”
Why this matters
- Carbon credits are becoming vital for offsetting emissions. They’re bought from projects that reduce carbon, like tree planting. Some better-known carbon trading projects include Anew, Ecologi and Finite Carbon.
- However, verifying the legitimacy of carbon credits is challenging and blockchain have been tipped to provide the missing transparency.
- A few African projects are looking to use blockchain to record every credit’s journey immutably, potentially enhancing credibility and preventing fraud. Shamba Network is another example of a blockchain-based carbon trading project.
Editor’s note: This story has been substantially edited to fix clarity issues. The entire “Why it matters” section has been rewritten.
