HomeCarbon CreditsCarbon Neutrality Tokens Backed by Chinese Carbon Credits Sold in Singapore

Carbon Neutrality Tokens Backed by Chinese Carbon Credits Sold in Singapore

Singapore startup Cyberdyne Tech Exchange (CTX) announced the sale of carbon neutrality tokens backed by Chinese carbon credits. These credits will offset nearly 5,000 metric tons of carbon through a wind project taking place in Zhangjiakou. Another 5,000 units will be released later this month.

China’s national carbon trading market issues tokens that contain “shared carbon information including emission records and tracing, carbon offsetting, carbon capture, storage, and reuse.”

This is an additional measure that China’s market is using to ensure that environmental objectives are achieved.

The global carbon market is anticipated to reach a value of $22T by 2050. China, which launched its carbon trading market in July, is expected to hold the largest carbon market in the world once it is fully operational.

Zhangjiakou will co-host the 2022 Winter Olympics, which may be why China (backing the project) is keen to showcase it. China is currently the world’s largest carbon emitter, producing about 10.06 billion metric tons of carbon annually.

As of 2019, this accounted for nearly 27% of the world’s greenhouse gases. The US came in second, at 11%, and India came in third at 6.6%.

China is determined to become a world leader when it comes to combating climate change. Last year, China’s President Xi announced that their emissions would peak before 2030. Their goal is to achieve carbon neutrality by 2060, using methods such as reforestation.

Some feel China’s efforts aren’t driven by environmental concerns but rather by economic growth. If China does not create more environmentally friendly policies, it could affect their ability to trade with the west. Regardless, with China onboard towards reducing emissions, the world reaps the benefits.

This is an all-hands-on-deck situation. The more countries committed to a greener, cleaner future, the better it is for us all.

 

Most Popular
LATEST CARBON NEWS

From Wild Seaweed to High-Value Products and Carbon Credits

A wave of seaweed is covering the Caribbean coasts, killing wildlife while harming humans and tourism, but an innovative company is turning it into...

Ammonia: Carbon-Free Fuel for the Shipping Industry

Converting ammonia into hydrogen is an emission-free fuel to help decarbonize the heavy-duty and shipping transportation industry. The transportation industry is the biggest polluter in...

How The First Carbon Negative Nation of Bhutan Did It

As the world’s richest and largest emitting countries are struggling to reduce emissions, Bhutan became the first carbon negative nation. Fog-enshrouded temples nestled in mountainous...

Google’s Eco-Friendly Routing Comes to Europe

Google expanded its eco-friendly routing on its Google Maps to 40 countries across Europe. With Google Map’s eco-friendly routing, drivers can choose a route that’s...
CARBON INVESTOR EDUCATION

The 5 Top Carbon Offset Project Developers

Are you looking to directly reduce your carbon footprint or support projects that cut emissions elsewhere? Then carbon credits allow you to do either...

The Top 3 Private Carbon Companies to Watch Right Now

Right now, the carbon space is heating up. Dozens of companies are jumping into what’s fast becoming one of the hottest spaces to invest...

Carbon Insetting: The Target of Scope 3 Carbon Offset Accounting

Carbon offsets are a well-known sustainability concept so you most likely have heard of them. But there’s a relatively new sustainable supply chain term...

Tonne Year Accounting for Temporary Carbon Storage

You most likely know the climate benefits of storing carbon and removing gigatons of it from the atmosphere to limit climate change. But we also...