Reversing climate change via a universal price paid to remove atmospheric CO2 by Geagora CarbonMarket
Please find below the
Semi-Finalist Evaluation
Judges'' comments
The use of cryptocurrency for carbon trading increases transparency of buyers and sellers. However, it does also introduce an additional transaction cost to access blockchain that might reduce the pool of traders and require specific regulatory capability.
The cryptocurrency only changes the trade currency but does not overcame regulatory barriers, such as cap setting, allowance distribution criteria and MRV, that are the main bottleneck to implement a carbon market.
Also, it faces faces the challenges and limits of sequestration it is conceptually the same as REDD, CDM, JI etc. credits).
If a carbon market exists the use of cryptocurrency can be feasible, as it is in other markets, but not the other way around. The proposal should evolve in the direction of an ancillary mechanism for existing carbon markets.
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