A revolutionary project has been launched by the blockchain technology company Ripple with the goal of bringing integrity, transparency, and confidence to the carbon market.
Carbon markets, which are systems for exchanging carbon credits to reduce CO2 emissions, have historically been beset by uncertainty and scepticism.
By making a large investment of $100 million in climate change mitigation last year, Ripple shown its dedication to the cause. It now aims to further address this worldwide issue in collaboration with technology vendor Centigrade, which focuses on climate change.
In order to boost confidence in the international voluntary carbon markets, Centigrade has introduced an open data platform.
The platform intends to promote a liquid, equitable, and effective carbon market by providing high-quality data, accessibility, and openness.
The platform’s purpose is to give useful information to all players in the carbon credit ecosystem, including sellers, purchasers, and service providers. It is neither a trading or rating mechanism.
By doing this, Ripple and Centigrade are in a position to offer the carbon market a vital service. The open data platform enables investors to make knowledgeable choices, thus encouraging a more substantial supply of high-quality credits and supporting the efficient operation of the carbon and nature markets.
This initiative is a component of Ripple’s overall climate change strategy. Ripple continues to promote green practises in the cryptocurrency industry, having previously invested in the tokenization of carbon credits.
