BME completes proof of concept for blockchain-based carbon footprint offsetting platform
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BME completes proof of concept for blockchain-based carbon footprint offsetting platform 21 February 2022Spain Reporter: Jenna Lomax
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BME has developed a blockchain-based voluntary registry for carbon and biodiversity inventories, in collaboration with Iberclear and ClimateTrade, a Spanish-based environmental consultant.
The end-to-end solution allows companies to offset their carbon footprint by measuring, reporting and verifying the tonnes of CO2 put into the atmosphere through a photovoltaic plant and monitoring, reporting and verification software.
Through an application programming interface connection, Iberclear receives, validates and records this data which is converted into verified green credits in its registry.
The automatic connection between Iberclear's voluntary registry and ClimateTrade's Marketplace allows the sale of these green credits and their cancellation in Iberclear's voluntary registry, eliminating the risk of double entry bookkeeping.
In addition to managing information and monitoring mitigation initiatives, the registry certifies the transfer and cancellation of carbon credits, ensuring the integrity, transparency and traceability of all entries made.
ACCIONA Energía and SGS Tecnos, S.A.U. have also collaborated on the project.
Through this initiative, BME aims to strengthen its commitment to helping Spain lead the fight against climate change in compliance with the Paris Agreement, and in line with the Task Force on Scaling Voluntary Carbon Markets (TSVM), which outlines companies must reach the goal of zero emissions by 2050.
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