New carbon trading platform emmi establishes a decentralised blockchain solution for carbon pricing
SYDNEY, Oct. 9, 2018 /PRNewswire/ — With carbon management becoming an important focal point for Australian businesses (source) and investors (source), establishing a framework to effectively control and regulate carbon emissions is vital.
The recent and public failure of Australia’s National Energy Guarantee program (source) highlights the struggle Australian governments have faced to implement an effective carbon management strategy.
However, a solution utilising blockchain technology makes it possible to bypass the problem.
emmi Founder, Michael Lebbon explains: “emmi is about preparing businesses for a carbon constrained world, getting ahead of the curve, and helping protect the world against the dangers of climate change,” he says. “As governments have had difficulty in providing the framework to enable us to effectively limit carbon, we need to remove our reliance on them and establish a solution ourselves. With blockchain technology we can implement a decentralised carbon pricing registry that is transparent, unbiased, and incorruptible.”
As blockchain applications simply authenticate and track transactions using digital tokens, applying this principle to carbon pricing is not only straightforward, it also opens up a number of additional possibilities.
Following the cap-and-trade model, emmi will allow the carbon price to be set at a social level, with companies proposing targets and validating their actions by internal business units competing for scarce carbon permits across a scalable, decentralised, and trusted platform. Furthermore, companies will not incur large redistributions of income to a central government authority. By operating as a decentralised system emmi will significantly reduce the cost burden of the carbon price whilst helping to drive carbon emission reductions within participating companies.
Without carbon reduction, studies predict the GDP cost of climate change to exceed tens of trillions of dollars by the end of this century (source), not to mention a significant loss of human life (source).
“With a cap-and-trade approach, powered by the blockchain, we can set relevant limits on carbon emissions which can be considered trustworthy, readily accountable, and help prevent climate change,” says Michael. “Through the emmi platform, companies will be able to set targets and bootstrap a bottom-up carbon price across the globe. As emmi grows there will also be the ability for individual companies to choose to link their carbon emission targets with other companies to gain the efficiencies of trade. There will be no centralised authority, no overarching bureaucracy, and meaningful action can be taken toward reducing carbon emissions.”
emmi is the necessary response to the lack of meaningful action to protect the world against the dangers of climate change. Utilising blockchain technology, emmi aims to provide a brand new not-for-profit platform and carbon rating system which will evolve carbon pricing and carbon trading beyond the exclusive remit of governments and centrally controlled organisations. emmi’s solution will instead allow society to provide an efficient social carbon price, and help restore certainty around climate change action.
To learn more, visit https://www.emmi.io
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