Tianjin released China's first blockchain-based carbon offset certificate, Binhai Times reported, days after the world's second-largest economy launched its national carbon market.
- The city's emission rights exchange announced the news at a conference on fintech and green finance held on July 15.
- The offset is built using AntChain, fintech giant Ant Group's enterprise blockchain platform.
- Blockchain can make the issuance, trading, and audit of carbon offsets transparent and traceable, according to the report.
- China aims to achieve carbon neutrality by 2060, according to its latest Five-Year Plan. It is ramping up the use of green finance with green bonds and a national carbon market announced Friday.
- Tianjin is a coastal city in northern China, close to Beijing. It is a major port and industrial hub in China, particularly in petrochemicals.
- IBM started building a blockchain platform for carbon emissions in China in 2016.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.