In an announcement on Friday morning, the University of Cambridge announced that it will be building a new decentralized marketplace for carbon credits to support global reforestation efforts. Your ultimate goal is to increase the acceptance of nature-based conservation solutions or NbS, such as B. Reforestation, to increase through financial instruments. The organization expects emission allowance buyers to be able to fund NbS projects securely and directly through the platform.

The initiative, known as the Cambridge Center for Carbon Credits or 4C, is based at the Department of Computer Science and Technology and the Institute for Conservation Research.

Scientists and researchers will build the market on the Tezos blockchain (XTZ). Tezos is a smart contract blockchain that enables users to vote on governance protocols introduced by developers. The network is known for its environmentally friendly nature.

Earlier this year, Tezos developers tweeted that minting three non-mold tokens, or NFTs, on the Tezos blockchain would generate 0.554 pounds of carbon dioxide, compared to 915 pounds of CO2 for the same NFT being minted on the blockchain.

Casting three #NFTs Above # Ether produces 915 pounds of carbon dioxide emissions, the weight of a polar bear.

Above #Tezos it produces 0.00054 lbs – the weight of the snowflakes on this bear’s snout. #TezosCleanNFT #CleanNFT pic.twitter.com/mlSKouCSdE

– Tezos (@tezos) March 18, 2021

Anil Madhavapeddy, Director of 4C, commented on the technological developments as follows:

Existing accreditation systems for measuring and reporting the value of carbon and related benefits such as biodiversity conservation and poverty reduction implemented by NbS are expensive, slow and inaccurate. These systems have undermined trust in NbS certificates. What we need is a decentralized marketplace where buyers of emission certificates can trustingly and directly finance trustworthy nature-based projects. And that is the void that the center wants to fill.