Climate Trade has devised a platform based on blockchain to give transparency to the carbon credit market. “That market right now already exists, but with intermediaries. Intermediaries that buy credits to the less polluting companies and sell them with an extra cost to those that pollute. With the blockchain that extra cost disappears.
Green projects are uploaded to the platform and can directly sell their credits to corporations that want to buy them. So, in addition, they know where your money is going to stop. They can choose the projects that they like the most. It is much more transparent, which is the main characteristic of the blockchain “explains Francisco Benedito, president and one of the three founders of the project. “In addition, this technology allows the immediacy of transactions. Immediate transactions per to per, from person to person. And the inviolability of the data. All the data stays in nodes distributed in different parts of the world, you can not hack, there is total confidentiality and it is data that is recorded forever.”
INVOLVE THE CITIZEN
Here comes another of the fundamental changes that this Spanish project brings: to involve citizens in that commitment.
“Citizens until now could not do anything against climate change. You can buy an electric car, you can go to work by bicycle or you can recycle, but you do not know the impact of those actions. We want to develop strategies to work with these clients. In stores, at gas stations, etc. so that each daily act of each citizen can be compensated.”
There is, in addition, a third important objective: to unify the price of these credits. “Right now in each country they have a very different price. We have created a cryptocurrency, Climate coin, to produce this homogenization of the price, “continues Benedito.
THE BUSINESS MODEL?
The platform charges a commission per transaction to businesses and citizens.
“We intend to expand it worldwide. We are already representatives of the United Nations for the topic of blockchain and climate change. They have recognized us as the best solution to fight against climate change. The issue has taken a lot of dimension because it is an approach to what the United Nations and governments want to tackle this problem. And it is huge market. We are talking about a value of 33 trillion dollars between now and 2050. I mean all kinds of projects. And now is the time because 35% of people worldwide are already willing to put money to stop it. There is a historic opportunity ahead. And we have to put the citizens in the equation so they can contribute and do things. With projects, not just putting money.”