Carbon credits on blockchain: Tokenovate and Zero13 talk net zero emissions on TV

var TRINITY_TTS_WP_CONFIG={“cleanText”:”Carbon credits on blockchain: Tokenovate and Zero13 talk net zero emissions on TV.u23f8Theu00a0London Blockchain Conferenceu00a0was full of big announcements, but perhaps none bigger than Tokenovateu2019su00a0partnershipu00a0with Zero13 on the worldu2019s first smart legal contract for voluntary carbon credit derivatives trades. The CEOs of the two companies joined TV to talk about the partnership and why itu2019s a historic moment foru00a0the BSV blockchain.u23f8Richard Baker, the former CEO of TAAL, has been buildingu00a0Tokenovateu00a0over the past year. It offers a u201clifecycle event management platform for the trading of financial instruments known as derivative contracts,u201d he toldu00a0 TVu00a0host Jon Southurst.u23f8Tokenovate partnered withu00a0Zero13, a carbon credits and ESG real-world assets ecosystem owned by U.K. firm GMEX. Together, u201cwe executed the first ever trades in the voluntary carbon credit markets on Bitcoin,u201d Baker revealed.u23f8There already exists a carbon credit market where participants, from individuals to enterprises and governments, pay a certain amount to offset carbon dioxide or any other greenhouse gas emissions. The voluntary carbon credit market is more flexible and operates beyond mainstream compliance laws.u23f8With the aim to achieve carbon neutrality, the carbon credits market has been growing rapidly and is today worth a billion dollars. McKinseyu00a0estimatesu00a0the market will be worth $50 billion by 2030.u23f8u201cItu2019s really important to organize this market,u201d GMEX CEO Hirander Misra pointed out.u23f8Some of the challenges the partnership seeks to solve are double counting, where the same carbon credits are deliberately sold to multiple companies, andu00a0greenwashing, where fake credits are sold.u23f8u201cBlockchain, and what weu2019re doing with BSV, is a solid way to solve these challenges and a classic use case for the technology,u201d Misra stated.u23f8Trust is essential in the carbon credits market, he added. It can be the difference between one carbon credit costing $5 and another costing $500. With blockchain, users can verify the authenticity of the credits they purchase without having to trust any single entity.u23f8Standardizationu00a0is also critical, and the two firms have been working with the International Swaps and Derivatives Association (ISDA) to set market standards.u23f8The contract is only possible on au00a0blockchain networku00a0that is regulatory compliant, Baker added.u23f8u201cThis [BSV blockchain] network is built for what weu2019re doing in a highly-regulated environment. If youu2019re trading the derivatives we have, youu2019re on economic and legal pathways, and there are obligations and fulfilments on both,u201d he stated.u23f8Watch London Blockchain Conference Day 1: Business Strategy Stageu23f8″,”headlineText”:”Carbon credits on blockchain: Tokenovate and Zero13 talk net zero emissions on TV”,”articleText”:”Theu00a0London Blockchain Conferenceu00a0was full of big announcements, but perhaps none bigger than Tokenovateu2019su00a0partnershipu00a0with Zero13 on the worldu2019s first smart legal contract for voluntary carbon credit derivatives trades. The CEOs of the two companies joined TV to talk about the partnership and why itu2019s a historic moment foru00a0the BSV blockchain.u23f8Richard Baker, the former CEO of TAAL, has been buildingu00a0Tokenovateu00a0over the past year. It offers a u201clifecycle event management platform for the trading of financial instruments known as derivative contracts,u201d he toldu00a0 TVu00a0host Jon Southurst.u23f8Tokenovate partnered withu00a0Zero13, a carbon credits and ESG real-world assets ecosystem owned by U.K. firm GMEX. Together, u201cwe executed the first ever trades in the voluntary carbon credit markets on Bitcoin,u201d Baker revealed.u23f8There already exists a carbon credit market where participants, from individuals to enterprises and governments, pay a certain amount to offset carbon dioxide or any other greenhouse gas emissions. The voluntary carbon credit market is more flexible and operates beyond mainstream compliance laws.u23f8With the aim to achieve carbon neutrality, the carbon credits market has been growing rapidly and is today worth a billion dollars. McKinseyu00a0estimatesu00a0the market will be worth $50 billion by 2030.u23f8u201cItu2019s really important to organize this market,u201d GMEX CEO Hirander Misra pointed out.u23f8Some of the challenges the partnership seeks to solve are double counting, where the same carbon credits are deliberately sold to multiple companies, andu00a0greenwashing, where fake credits are sold.u23f8u201cBlockchain, and what weu2019re doing with BSV, is a solid way to solve these challenges and a classic use case for the technology,u201d Misra stated.u23f8Trust is essential in the carbon credits market, he added. It can be the difference between one carbon credit costing $5 and another costing $500. With blockchain, users can verify the authenticity of the credits they purchase without having to trust any single entity.u23f8Standardizationu00a0is also critical, and the two firms have been working with the International Swaps and Derivatives Association (ISDA) to set market standards.u23f8The contract is only possible on au00a0blockchain networku00a0that is regulatory compliant, Baker added.u23f8u201cThis [BSV blockchain] network is built for what weu2019re doing in a highly-regulated environment. If youu2019re trading the derivatives we have, youu2019re on economic and legal pathways, and there are obligations and fulfilments on both,u201d he stated.u23f8Watch London Blockchain Conference Day 1: Business Strategy Stageu23f8″,”metadata”:{“author”:”Steve Kaaru”},”pluginVersion”:”5.7.1″};