Spanish port uses IBM and Maersk blockchain platform. Thanks to a close partnership with Acciona, Correos will use carbon credits from projects hosted on the platform to offset CO2 emissions. A statement was made during the COP25 World Climate Summit in Madrid.
Startup Climate Blockchain Initiatives has developed the Valencia-based Climate Trade platform to offset CO2 emissions through environmental projects that sell their carbon credits directly to polluting companies. Acciona will provide carbon credits to Acciona Energy and the Spanish postal service.
The platform is based on a decentralized distributed registry that eliminates the need for third-party transaction management, making them cheaper, faster, and more transparent. Previously, such transactions required double counting.
Earlier, the Swiss post together with the state-owned company Swisscom set about creating a blockchain platform for digitizing business processes.
Also, U.S. Post UPS will launch a blockchain supply tracking platform. Using the platform, sellers will be able to download detailed product information, distribute orders, track product returns, process payments, and analyze sales and market conditions.
At the same time, the largest stock exchange Bolsa de Madrid decided to introduce blockchain in Spain. Testing the system showed “a reduction in the total execution time of all processes by more than 80%.”
Spain’s Correos will offset its carbon emissions through ClimateTrade
With the World Climate Summit in Madrid in full swing, member nations are stepping up their pledges to offset their carbon footprints.
However, with more than half the population of Spain breathing in polluted air, this Mediterranean country is hardly at the forefront of fighting climate change. Spain’s Correos will offset its carbon emissions through ClimateTrade.
Correos y Telégrafos de España State Society, commonly known as Correos, announced during the Summit that it will use a blockchain to offset its carbon footprint created by its shipping and postal services.
The move came about thanks to an agreement between Correos and the Climate Blockchain Initiative, creator of ClimateTrade. ClimateTrade is a blockchain that issues the Climate Coin token to compensate its clients ’carbon footprint. The tokens generated by Correos will go to Acciona, a Spanish environmental company that manages multiple carbon dioxide (CO2) emission reduction projects.
How does the ClimateTrade blockchain work?
Through ClimateTrade, environmental mitigation projects register and sell their credits to polluting companies to offset their carbon emissions.
This means that every time a company sends any merchandise or packaging through Correos, the national postal service compensates it with contributions to environmental projects registered in the ClimateTrade blockchain.
Francisco Benedito, CEO of ClimateTrade, stated that among the advantages of using a blockchain for this type of initiative is the ability to track the funds with greater transparency.
He added that prior to the introduction of blockchain tech, previously used carbon credits “could be resold”. This meant that projects combating climate change often did not receive the necessary funds and new initiatives were cut. Blockchain technology provides the guarantee that funds are correctly channelled into the right projects.
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