ICC and Blockchain Firms Agree on $40B Funding for Climate Projects
William Suberg's original article for cointelegraph.com reduced by 71%
In a press release on Dec. 10, the ICC said that a partnership with Perlin and blockchain-based carbon offset exchange AirCarbon will provide $40 billion for climate projects in the aviation industry. ICC: partnership will inspire actionThe three partners launched the scheme on the sidelines of the United Nations Conference on Climate Change, or COP 25, in Madrid.
The ICC will now seek to spread the adoption of AirCarbon's carbon credits solution, which acts as a blockchain-based trading network for CORSIA, the existing carbon offset scheme from the International Civil Aviation Authority. As Cointelegraph reported, the ICC has delved into blockchain innovation before, after formally pledging to promote the technology to its 45 million members. The ICC previously cooperated with Perlin on an e-registry system for ships this year.
In October, the Singapore Shipping Association and the ICC began work on the International E-Registry of Ships system based on Perlin's Wavelet. David Bischof, deputy director at the ICC's finance for development hub, described the report as "An indispensable tool for the entire trade ecosystem, but foremost clearly shows that standardisation in trade and trade finance is a key challenge to ensure the numerous blockchain-based platforms are of use for businesses that trade..
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