“Combating climate cancer is likely to become the dominant economic issue of the next 20 years. The UPCO2 Token allows people everywhere to participate in this hugely important – and potentially lucrative – new market, as well as do the right thing for the planet.” Typically, major corporations and governments deal with carbon and carbon credits, so individuals have no opportunity to have a meaningful impact on carbon credits. “This year may go down as the key inflection point for climate change — the year it went from a far-off issue enshrined in distant accords like Kyoto and Paris, to an existential threat affecting the lives of tens of millions of people. Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online.
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- ‘It’s astonishing that there is no single global clearing price for carbon emissions,’ said Le Merle.
- Trading certificates has been proven economically feasible for waste products that have a slow but steady effect.
- The Universal Protocol Alliance, a coalition of blockchain companies led by Uphold and including Bittrex Global, Ledger, Certik and Infinigold, announced the Universal Carbon (UPCO2) token Tuesday.
- A rather overloaded term, “carbon credits” can refer to both government-issued credits traded on regulated markets, and voluntary carbon offsetting where credits can help remove emissions via projects that plant trees, for instance.
- Each UPCO2 Token represents one year-ton of CO2 pollution averted by a certified REDD+ project preventing rainforest loss or degradation, he said.
Each UPCO2 Token represents one year-ton of CO2 pollution averted by a certified REDD+ project preventing rainforest loss or degradation. Every Token is backed by a Voluntary Carbon Unit VCU, a digital certificate issued by Verra and other international standards agencies, which allows certified projects to turn their greenhouse gas (GHG) reductions into tradable carbon credits. Each UPCO2 Token represents one year-tonne of CO2 pollution averted by a certified REDD+ project preventing rainforest loss or degradation. Every Token is backed by a Voluntary Carbon Unit VCU, a digital certificate issued by Verra, the international standards agency, which allows certified projects to turn their greenhouse gas (GHG) reductions into tradable carbon credits. Every Token is backed by a Voluntary Carbon Unit (VCU), a digital certificate issued by Verra, the international standards agency, which allows certified projects to turn their greenhouse gas (GHG) reductions into tradable carbon credits. UPCO2 was the world’s first tradable digital carbon credit coin on a public blockchain and is available to all investors to review and purchase.
Australia-based digital commodities tech platform InfiniGold is a partner to the UPA, specialising in gold and other precious metals. A spinout from RoZetta Ventures and part of the RoZetta Group, (formerly Capital Markets CRC), the technology underpinning InfiniGold’s digital gold certificates is co-developed with other RoZetta Institute companies. It is also used to issue electronic cash and for the trading, clearing and settlement of unlisted securities.
Voluntary carbon credits, which back all UPCO2 Tokens, offer major economic advantages compared with regulated credits. As dollar-denominated, globally-recognized, fungible and perennial assets, voluntary credits last forever, maintaining option value, until consumed or retired by a company or an individual seeking to compensate for carbon footprint. According to the World Bank, in 2020, humanity compensates for just 22% of global emissions through the purchase and retirement of carbon credits, and yet the proportion of countries operating regulated carbon markets has risen from 40 percent of global GDP in 2016 to 70 percent in 2020. The result is a wall of demand that may far outstrip the production of new carbon credits, which is constrained by the slow and expensive process of Voluntary Carbon Project certification. VCUs are digital certifications provided by a number of international agencies, such as Verra. The certificate indicates that greenhouse gasses (GHG) are being offset by the projects being backed by UPCO2 and indicate what carbon credits have been issued.
Stablecoin pioneer Uphold is claiming to have launched the first tradable retail carbon token. Last month this publication reported on GoodDollar, a project led by eToro CEO Yoni Assia which aims to deliver digital universal basic income (UBI) at scale. Both UPCO2 and MC02 are excellent opportunities to get in early for a new type of cryptocurrency that is being backed by a real asset and lives in a real market. The connection to a real market is one of the biggest selling points of the coin, outside of the green effects that it has, and UPCO2 coin price predictions are relatively easy to make as the coin becomes more widely used.
Each UPCO2 token is connected to the carbon trading markets and allows you to offset carbon footprints. Powerful macroeconomic forces underpin the Voluntary Carbon Credit market and, according to some commentators, could drive up prices significantly as more countries introduce regulated CO2 markets, forcing companies to compensate for their pollution. The result is a wall of demand that may far outstrip the production of new carbon credits, which some consider choked by the slow and expensive process of Voluntary Carbon Project certification.
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Most importantly, with one simple transaction, you’re taking a step towards a cleaner planet. As with all commodities, prices for carbon credits are likely to fluctuate, but human emissions have grown from 25 billion tons to 55 billion tons between 2008 and 2018, while the supply of voluntary credits has remained broadly flat. If you can access both, buying either coin could be an excellent long-term investment, especially with the UPCO2 price prediction being extremely high, even though carbon credit prices are still relatively volatile. MC02 is an alternative digital carbon credit cointhat was released at a similar time as UPCO2, and from the last valuations, they have purchased and sold 900,000+ tonnes of CO2. UPCO2 was the first publicly available digital carbon credit coin, and there aren’t a lot of alternatives at the moment, making UPCO2 a great option to invest in early.
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There are no significant downsides in purchasing digital carbon credit coins; they are backed by a real verifiable asset. The only issues that are currently seen are the volatility in prices, but with digital carbon credit coins like UPCO2, that volatility is expected to drop, and the MC02 token price prediction is to go up considerably. The UPCO2 Token allows people everywhere to participate in this hugely important — and potentially lucrative — new market, as well as do the right thing for the planet.”Voluntary carbon credits, which back all UPCO2 Tokens, offer major economic advantages compared with regulated credits. As dollar-denominated, globally-recognised, fungible and perennial assets, voluntary credits last forever, maintaining option value, until consumed or retired by a company or an individual seeking to compensate for carbon footprint. This is seen with the UPCO2 token price predictions staying heavily in line with the carbon credit upco2 coin prices and UPCO2 and other digital carbon credit coins having a stabilizing impact on the price of carbon credits. Uphold is starting out by tokenizing voluntary carbon credits, in particular REDD credits that are of high quality, easy to understand and make up about 58% of the voluntary carbon market, explained JP Thieriot, co-founder of the UP Alliance and CEO of Uphold.
He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Carbon emission trading has been proposed by the EU as one highly effective solution in achieving the two-degree goal to stop global warming.
The UP Carbon Foundation’s role will be to ensure that the carbon credits underlying Universal Carbon (UPCO2) are diverse, of unimpeachable quality, and, where possible through block issuance, the money paid for fully performed credits can immediately flow into the expansion of protected acreage. Voluntary carbon credits don’t lose value and can be maintained forever; they’re backed by real money and are certified globally. UPCO2 uses REDD+ to help with reforestation projects that help offset carbon emissions in multiple rainforests worldwide. Unfortunately, due to the way that carbon credits are supplied and the cost involved in creating and supplying those carbon credits, the prices are volatile and are currently limiting the market’s growth.
Blockchain technology has been touted as a way to prevent the double counting (or double spending) of carbon credits in all areas and markets. ‘It’s astonishing that there is no single global clearing price for carbon emissions,’ said Le Merle. ‘A non-deliverable, digitally-tradable commodity that’s essential for human activity shouldn’t be traded bilaterally on OTC markets, as carbon credits are today.
Weekly Token: All you Need to Know About UPCO2
- ‘This year may go down as the key inflection point for climate change,’ said JP Thieriot, Co-Founder of the UP Alliance and CEO of Uphold.
- The UPCO2 Token allows people everywhere to participate in this hugely important — and potentially lucrative — new market, as well as do the right thing for the planet.”Voluntary carbon credits, which back all UPCO2 Tokens, offer major economic advantages compared with regulated credits.
- “It’s astonishing that there is no single global clearing price for carbon emissions,” said Le Merle.
- ‘The year it went from far-off issue enshrined in distant accords like Kyoto and Paris, to an existential threat affecting the lives of tens of millions of people.
- They all understood that if we can pull that trick off, it could change the world,” Thieriot said.
- “We are excited to be providing every Bittrex Global user with access to UPCO2,” said Tom Albright, CEO, Bittrex Global.
You can buy UPCO2 and a range of other digital assets from Uphold’s website without any issues at all, unlike some of the other alternatives out there. The major issue with MC02 is that it’s not available on the same number of exchanges as UPCO2 and is challenging to invest in for most people, which is why UPCO2 is a much better option for regular investors just looking to invest and not hunt out how to buy a cryptocurrency. Right now, the prices for carbon credits are volatile, but that’s the goal of UPCO2 to standardize and adjust them to more normal and sustainable levels.