The Chinese city of Tianjin, known for its heavy industry and oil refineries, has issued China’s first blockchain-based carbon offset certification.
According to the local Binhai Times, Tianjin authorities issued China’s first blockchain carbon offset certificate just days after the world’s second largest economy launched its national emissions allowance market.
The issuance of certificates for offsetting carbon emissions is carried out using the AntChain corporate blockchain, owned by the Ant Group. Blockchain will help make carbon offset issuance, trading and auditing transparent and traceable.
According to the five-year plan, China aims to achieve carbon neutrality by 2060. The country is expanding its use of financing through green bonds and the national emissions market created last week.
Tianjin is a coastal city in northern China, not far from Beijing. It is a major port and industrial center in China, especially in the petrochemical industry. This is not the first time the city has used blockchain – in 2019, Tianjin announced a blockchain-based customs management platform that is part of a broader initiative to integrate blockchain-based logistics across the region.
Late last year, the World Economic Forum (WEF) tested a blockchain platform for tracking carbon emissions, and the Universal Protocol Alliance released a UPCO2 token for carbon credits.