Most countries have been more intentional in achieving global sustainability goals. In a recent seminar titled “Fintech Helping Green Finance Seminar ”, Tianjin released China’s first blockchain-backed carbon offset on Antchain blockchain.
The seminar consisted of several industry leaders who discussed the current state of sustainability, FinTech, and green finance in China.
According to research, China alone is emitting around 27% of the global greenhouse gases. Hence the reason China is embarking on green finance to ensure carbon neutrality by 2060.
“…Tianjin Emissions Rights Exchange released the country’s first carbon neutral certification product based on Antchain, and applied this product to the carbon neutral certification of the meeting,” the report reads.
Carbon offset is a reduction of carbon dioxide emissions in one location to balance the actual emissions in other places.
With this, Tianjin will be leveraging blockchain technology to ensure the balancing emissions of carbon dioxide and other greenhouse gases. This will further facilitate the nation’s national carbon trading.
Tianjin is a big port city located around the northeastern part of China. It is the home of most petrochemical companies.
China is evidently making moves towards the implementation of green financial infrastructure, and its adoption of blockchain technology to do this is the first of its kind in the country.