China issues first carbon offset on Ant Group blockchain

China issues first carbon offset on Ant Group blockchain
Tianjin has issued China’s first blockchain-based carbon offset certificate, just days after the world’s second-largest economy launched a national carbon market, The Binhai Times reported.
  • The Tianjin Emissions Exchange made the announcement at the Financial Technology and Green Finance Conference on July 15.
  • The carbon offsets were established using AntChain, the enterprise blockchain platform of fintech giant Ant Group.
  • The report said blockchain could make the issuance, trading and auditing of carbon offsets transparent and traceable.
  • Under its latest five-year plan, China aims to be carbon neutral by 2060. China is increasing its use of green finance through green bonds and a national carbon market announced on Friday.
  • Tianjin is a coastal city in northern China, close to Beijing. It is a major port and industrial center in China, especially in the petrochemical industry.
  • The local government has big ambitions. In 2019, it announced a blockchain-based customs management platform as part of a broader plan to use blockchain to integrate logistics across the region.
  • IBM began building a blockchain carbon emissions platform in China in 2016.

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