A couple of years ago, Raphaël Haupt and James Farrell founded Toucan. This project was launched with the aim of revolutionising carbon offsetting. The latter deals with carbon credits which allows companies to reach net zero emissions.
At the moment, this market is
quite messy since it is run by a group of private standards bodies which offer
their own carbon credits registries. Since each entity has distinct
methodologies and definitions, it can be difficult to work with them and
understand the system.
Toucan, however, is able to
bridge physical carbon credits, convert and standardise them into tokens on one
blockchain super-registry. They are then aggregated into pools from which users
are given a tradable crypto token. The first carbon pool of the firm is called
BCT which stands for “Base Carbon Tonne”
and it represents an array of credits, such as those coming from reforestation
to offset one tonne of carbon emissions.
Since its launch, Toucan has
bridged over 18.3 million tonnes of carbon credits onto the blockchain.
The group also intends to create a new Nature Carbon Tonne pool where all
credits will be required to come from nature-based projects. This initiative
aims at bringing those who are interested in crypto
to reduce their CO2 emissions using the carbon market.
Photo credit: photoshopper24 on Pixabay
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