On the occasion of 50th anniversary of Earth Day, the International Chamber of Commerce (ICC) has launched a new climate action initiative, which will work on bringing higher liquidity to the carbon market through the use of blockchain.
ICC is an institutional representative of more than 45 million companies in 100 countries. Considering its wider appeal, this provides an advantage for both the carbon market and the blockchain industry.
John W.H. Denton AO, Secretary General of ICC said:
“We believe that business must lead in creating effective market-based mechanisms to help address the current and future threat of global warming. Even as much of the world grapples with the devastating effects of the COVID-19 pandemic, this milestone Earth Day is a reminder that we must not lose sight of the need for an inclusive, resilient and sustainable future for people and our planet.”
The ICC is working on Carbon Council alongside:
- Perlin, a blockchain firm creating a carbon-friendly digital business ecosystem
- AirCarbon Exchange, a carbon asset digital exchange
William Pazos, COO of AirCarbon stated:
“Carbon markets have grown five-fold in just two years but remain fragmented, opaque and illiquid. AirCarbon uses traditional commodity trading exchange architecture and pioneering blockchain technology to overcome the problems that hinder growth in carbon markets and enable the highly liquid trade of fungible carbon assets”
Major international companies including BlackRock, Macquarie Bank, Shell, Singapore Airlines, State Street and Temasek attended the inaugural meeting of ICC’s Carbon Council.
Dorjee Sun, CEO of Perlin added:
“Working with the Council, Perlin is taking advantage of explosive growth in carbon markets and leading-edge blockchain infrastructure to overcome inefficiencies that currently cripple carbon trade. This will complement the Carbon DAO for project funding we are launching, which will provide unprecedented access to best-in-class carbon projects worldwide.”
The Council will complement other climate initiatives undertaken by ICC, including the Chambers for Climate Coalition, which commits more than 2,000 chambers of commerce globally to taking ambitious climate action.