Web3 in Carbon Credit Marketplace
Daniel Kennedy, Director of Mercurity Fintech Holding, named the use of DLT networks to capture the validity and quality of carbon credit processes and the issuance of tokens to accurately represent the value and facilitate carbon credit trading as one of the upcoming trends in 2024.
“The global market for carbon credits is substantial, as companies and sovereign nations around the world are required to offset carbon emissions. However, this process, as with cryptocurrencies, is poorly regulated on a global scale, falling under local control only. This naturally leads to conflicts and inconsistencies. These inconsistencies were exploited in the practice of “double counting,” and there’s a general lack of clarity around this trade. Blockchain can solve the problem by offering an immutable and detailed record of the lifecycle of each individual carbon credit, including tracking the carbon footprint related to the creation of the carbon credit itself and issuing tokens of value to investors to provide greater clarity, transparency, and fair trading. Blockchain and token issuance could change this process and result in a whole new sector in the global market,” predicts Daniel.
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by MFH or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. MFH is not a fiduciary by virtue of any person’s use of or access to the Site or Content. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on the Site before making any decisions based on such information or other Content. In exchange for using the Site, you agree not to hold MFH, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through the Site.