China issued its first blockchain-based carbon offset in Tianjin. Tianjin is known for its heavy industry and oil refineries as the government develops its national carbon trading platform.
Tianjin issued China’s first blockchain-based carbon offset certificate, Binhai Times reported. Moreover, this was days after the world’s second-largest economy founded its national carbon market.
City’s Emission Rights Revealed
On July 15, the city’s emission rights exchange revealed the news during a fintech and green finance conference. Additionally, fintech giant Ant Group’s enterprise blockchain platform used AntChain to create the offset. According to the research, blockchain can make carbon offset issuance, trade, and auditing transparent and traceable. According to China’s current Five-Year Plan, the country intends to be carbon neutral by 2060. Moreover, they launched green bonds and a national carbon market on Friday as part of a push to boost the use of green finance.
Tianjin, the seaside city
Tianjin is a central Asian seaside city near Beijing. In China, it is a major port and industrial centre, especially for petrochemicals.
The local governing body has blockchain ambitions; in 2019, it announced a blockchain-based customs management platform, which is part of a larger strategy to connect operations across the area using blockchain.
In 2016, IBM began developing blockchain technology for carbon emissions in China.