Major port city in China, Tianjin issued the country's first blockchain-based carbon offset. The news comes a day after China announced the launch of its national carbon market.
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Tianjin Climate Exchange revealed the initiative at a conference on fintech and green finance held on July 15. The reduction of carbon dioxide will be achieved using fintech company Ant Group's enterprise blockchain platform.
As stated in the report, blockchain will make the process of issuance, trading, and audit of carbon offsets open and traceable.China intends to become a carbon-neutral country by 2060 according to its 5-year plan. The country is boosting green finance through green bonds and a national carbon market.
The Chinese government used blockchain solutions before. In April 2019 DLT-based cross-border was launched. That is a part of a larger program to integrate logistics using blockchain across the region.