Carbon credits for being eco-friendly, anyone?

On November 7, 2018, Song Ke, DNV GL’s Manager, introduced the concept of VeChain Digital Carbon Platform. The idea is simple. Basically, they want to create an ecosystem that incentivizes regular folks like us to reduce our CO2 footprint.

The platform is a result of cooperation between DNV GL, BYD, and other companies. Under the hood — smart contracts on the VeChainThor Blockchain.

The model of redeeming carbon credits is not new, but here we have added trust and transparency.

So, your every eco-friendly action is recorded on the blockchain. Imagine you bring to a participating food store a reusable bag instead of getting a plastic one. You deserve some credits then. You can later use them to get discounts from VeChain partners.

Isn’t this beautiful: You save the planet and get rewards for it?

Meanwhile on the other side of the globe…

Fast forward to November 28, 2018. The European Commission adopted a new environmental strategy for Europe. The plan is to become the world’s first major economy to go climate neutral by 2050. Climate neutrality means the EU’s carbon emissions are at zero.

“A Clean Planet for All,” the 25-page document, invites businesses and new technologies to work together on a long-term vision for a prosperous, modern, competitive and climate neutral future for all.

Yes, it’s possible

The strategy relies on a detailed analysis on how the EU can become a climate neutral economy. The analysis shows it’s doable with current technologies and those close to deployment.

The Vice-President responsible for the Energy Union, Maroš Šefčovič said in a European Commission’s press release: “Our strategy now shows that by 2050, it is realistic to make Europe both climate neutral and prosperous, while leaving no European and no region behind.”

Together to a low carbon future?

The EU’s strategy is not a legislative proposal, but a strategic vision. As such it’s totally up to companies and organizations whether to contribute. Therefore, it’s vital these businesses have enough incentives to do so. This is where VeChain’s carbon credits platform comes in.

Both individuals and businesses can take advantage of this new technology to improve the environment we live in and at the same time, get financial rewards for it.

According to the EU’s document, reaching a zero carbon Europe will require a joint action in seven strategic areas. They are energy efficiency; deployment of renewables; clean, safe and connected mobility; circular economy; infrastructure and interconnections; bio-economy and natural carbon sinks; and carbon capture and storage.

All of these areas involve individuals and companies that could, in principle, join VeChain’s incentives ecosystem, or any other similar initiative, and jointly work towards a climate neutral economy and a cleaner planet for all.

Isn’t this what modern technologies should and must do? The technology shouldn’t be solely for entertainment and it definitely mustn’t damage the environment in the long run. Sadly, this is the case with most technologies today.

Such developments as VeChain’s ecosystem and the EU’s new strategy are a step closer to a future where technology truly serves our planet and its inhabitants.

Read also:

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Nica Tudor

Blockchain, Smart Contracts, and cryptocurrencies enthusiast.

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