The effects of global climate change are not undeniable. From glaciers shrinking to flooding, temperature rise, and more extreme cases of natural disasters, the severity of global warming is directly proportional to the levels of carbon dioxide and other heat-trapping gases that are released into the atmosphere.
A review of several publications confirms that as of May 2020, the concentration of carbon dioxide (CO2) in the atmosphere is at the highest it has ever been in human history – 416 parts per million (ppm). This represents a 47 percent increase since the start of the Industrial Age when the concentration was around 280 ppm. Furthermore, about 11 percent of all global greenhouse gas emissions are caused by deforestation.
But despite several attempts to tackle global climate change, the consensus remains that people are not motivated to address the problem. Sadly, if drastic actions are not taken urgently, the impact of climate change will continue to increase. Thankfully, we are entering an era when organizations are getting increasingly involved and engaged in watching their carbon footprints.
MOSS Carbon Credit (MCO2) to the Rescue
MCO2 is a blockchain-based solution that hopes to develop the carbon credit market by tokenizing carbon credits. The project is on a mission to combat climate change and preserve the planet. And the severity of this solution is buttressed through a claim that by the time you are done reading this article, around 15 football fields of Amazon forest would have been lost. According to its whitepaper,
Tokenizing carbon credits is not a new concept. It was one of the high points of the cryptocurrency boom of 2017. It was touted as one of the first social impact use cases for blockchain technology. And whilst several blockchain-based startups have taken various vantage points on how to develop the digital carbon credits market, many still lack adoption or real-life usage.
Thankfully MCO2 is already making a real impact. It claims to be the first truly global Carbon Credit token that provides ease, transparency, security, liquidity, and global scale compensation for carbon footprint. MOSS is the largest carbon platform in the world, and its MCO2 token is the largest carbon credit tokenization project in history.
Since its founding in Q1 of 2020, MOSS has grown to become a reputable organization engaged in the voluntary trading of carbon credits in Brazil and across the globe. In just over eight months, the project has bought/sold more than 900 thousand tonnes of CO2.
MOSS has tokenized carbon credits through the issuance of MCO2 tokens. By using blockchain, the project is increasing the security and trackability of carbon credit transactions. Moreover, using a digital asset improves the possibility of composability of carbon credits.
So far, MCO2 has raised and sent $10 million in proceeds to Amazon Forest conservation projects, all within eight months. This has helped the expansion of these projects to 300 thousand hectares. To put this in perspective, 300,000 hectares is 4 times the area of New York City. Furthermore, $10 million is currently the largest amount sent by a private player to Amazon conservation projects.
The MCO2 token is live and already listed on FlowBTC. It is also audited by several high-profile companies, including Perking Coie, Armanino, and CertiK. It has a market capitalization of around $40 million and is ranked 190 globally on the Marketcap.
MOSS strongly believes that MCO2 will allow others to innovate and create new applications for carbon credits. Its rather simplistic build will serve as a springboard in token parlance. MCO2 does not only introduce innovation to markets and trading, they also bring in ingenuity in programmability, composability, and usability for offsetting.
As global leaders, change-makers, and corporates join the rally for a cleaner and healthier environment, blockchain tech and the ability to track carbon credits will be a force to reckon with.