China launches first Ant Group blockchain carbon emission quota – Bits Media

Chinese city of Tianjin, famous for its heavy industry and refineries, issued China's first blockchain carbon offset certificate.

According to the local Binhai Times, Tianjin authorities released the first in China, a certificate for offsetting carbon emissions on the blockchain a few days after, how the world's second largest economy launched its national emissions allowance market.

The issuance of certificates for offsetting carbon dioxide emissions is carried out using the corporate blockchain AntChain, owned by Ant Group. Blockchain will help make the release, trade and audit carbon offsetting transparent and traceable.

According to the five-year plan, China seeks to achieve carbon neutrality to 2060 year. The country is expanding its use of financing through green bonds and a national emission quota market, created last week.

Tianjin is a coastal city in northern China, near Beijing. It is a major port and industrial center of China., especially in the petrochemical industry. The city authorities have not been using blockchain for the first time - in 2019 Tianjin announced a blockchain-based customs management platform, which is part of a broader initiative to integrate blockchain-based logistics across the region.

Late last year, the World Economic Forum (WEF) tested a blockchain platform for tracking carbon emissions, and the Universal Protocol Alliance has issued a UPCO2 token for carbon credits.