Why does the world need carbon credit markets?



The world needs projects that actively decrease the level of GHG in our atmosphere through natural and technological methods like reforestation or machines that remove CO2 from the air. Carbon credit markets are platforms where the developers of such projects can sell the reduction in emissions, or credits, to people and corporations that want to reduce their ecological footprint. This makes funding available for green projects even in the absence of government policies and multilateral organizations.



However, carbon credit markets have encountered two major problems. One, the credibility of credit markets has come into doubt. Last year, 90% of carbon credits listed in Verra, the world’s leading carbon credit registry, were found to be essentially “worthless.” It didn’t do much to prevent deforestation as it claimed or offset at the rates it promised. Two, there is a disconnect between the conventional climate registries based mainly in the West and the mitigation projects in the rest. A vast proportion—70% of projects to be exact—are in Asia.



In order to resolve these issues, Carbonbase is currently building the Global Climate Registry or GCR. To prevent the inaccurate counting of credits, we not only verify projects from reputable auditing organizations, but also continuously monitor the projects using satellite images, remote sensors and AI technology. Furthermore, we leverage blockchain technology to make transactions and value of credits transparent and accessible. Secondly, Carbonbase is headquartered in Hong Kong, a central location for many of the projects coming out of the Asia-pacific region. This allows us to collaborate and tailor our methodology to local ecology and peoples.



Voluntary carbon credits have also been shown to be a viable long-term business. Conventional registries are already only spending 50% of their revenue on overhead. By leveraging blockchain, AI, and large data, the GCR is a more efficient operation offering a more credible product, justifying higher prices for credits that reflect the value they bring to the environment. This is why we have already garnered strong support from institutional stakeholders. The team is backed by marquee investors such as Jaan Tallin, the cofounder of Skype and angel investor in Ethereum, Alex Liu, Global Chairman of Kerney Consulting Group, and Liu Erhfei, former Chairman of Merill Lynch Asia.



To try out our platform please visit gcr.eco. To visit our company webpage please visit carbonbase.co