World leaders at COP26 have agreed to end deforestation by 2030, and to contribute to this, the Department of Computer Science and Technology of the University of Cambridge has developed the Cambridge Centre for Carbon Credits (4C), a solution built on the energy-efficient Tezos blockchain that will use a combination of AI and satellite sensing to build a decentralized marketplace of verifiable carbon credits.
According to the press release shared with iHodl, the Cambridge Centre for Carbon Credits has two main goals:
- To support students and researchers in the relevant areas of computer science, environmental science and economics.
- To develop a decentralized marketplace where purchasers of carbon credits can confidently and directly fund trusted nature-based projects.
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It must be noted that the 4C's decentralized marketplace will be developed on the Tezos blockchain due to the fact that it operates sustainably, in line with the actual objective of the initiative, which is to increase the number of real nature-based conservation and restoration projects by channelling funding towards them via market-based instruments.
Centre director Doctor Anil Madhavapeddy said on the solution:
"Current accreditation systems that measure and report the value of carbon and related benefits like biodiversity conservation and poverty reduction rendered by NbS are costly, slow and inaccurate. These systems have undermined trust in NbS carbon credits. What is needed is a decentralized marketplace where purchasers of carbon credits can confidently and directly fund trusted nature-based projects. And that’s the gap the Centre is aiming to fill."