{"id":142286,"date":"2020-12-27T12:27:00","date_gmt":"2020-12-27T09:27:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/"},"modified":"2020-12-27T12:27:00","modified_gmt":"2020-12-27T09:27:00","slug":"the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/","title":{"rendered":"# The pandemic year ends with a tokenized carbon cap-and-trade solution"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26e0e92a02b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26e0e92a02b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#Worlds_first_tradable_carbon_token\" >World\u2019s first tradable carbon token<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#Cap-and-trade_programs_of_the_top_six_CO2-emitting_countriesregions_of_the_world\" >Cap-and-trade programs of the top six CO2-emitting countries\/regions of the world<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#China\" >China<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#United_States\" >United States<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#European_Union\" >European Union<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#India\" >India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#Russia\" >Russia<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#Japan\" >Japan<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># The pandemic year ends with a tokenized carbon cap-and-trade solution <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTIvNzQ0MjNjNzctNWQ0Yi00ZmI2LTk1YmEtMTYxZmRkZjZmOGVlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>It has been a blazing start to a new decade, with 13% more large, uncontrolled <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.independent.co.uk\/environment\/climate-crisis-fires-global-heating-amazon-california-eu-a9690146.html\">wildfires<\/a> around the world this year compared with 2019. This has spelled dire consequences for CO2 levels, which have made worse a terrible COVID-19 pandemic that has led to unprecedented worldwide lockdowns that have rapidly pushed the economy toward digitization.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>How has the COVID-19 pandemic affected the crypto space? Experts answer<\/em><\/strong> <\/p>\n<p>As a result of the COVID-19 pandemic, governments around the world have been forced to focus on integrating blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> into their financial services. At the 75th anniversary of the United Nations <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Assembly, Sky Guo, a founding member of the Official Monetary and Financial Institutions Forum and co-founder of Cypherium \u2014 an enterprise-focused platform facilitating interoperability between blockchains and central bank digital currencies, or CBDCs \u2014 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.crowdfundinsider.com\/2020\/10\/168154-sky-guo-co-founder-at-cypherium-will-be-representing-blockchain-sector-at-75th-united-nations-general-assembly\/\">discussed<\/a> how the next generation of foreign policy leaders can leverage emerging digital technologies to solve the world\u2019s most pressing challenges, given that 80% of world central banks are <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bis.org\/publ\/work880.pdf\">evaluating<\/a> adopting CBDCs.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Not like before: Digital currencies debut amid COVID-19<\/em><\/strong><\/p>\n<p>Switching to CBCDs and a world financial infrastructure that heavily relies on blockchain technology can nevertheless have a formidable impact on CO2 levels all over the world if the electricity used for energy is produced from coal or other fossil fuels that cause the highest levels of CO2 and other greenhouse gas pollution.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The need to report carbon emissions amid the coronavirus pandemic<\/em><\/strong><\/p>\n<p>According to the study \u201cThe Carbon Footprint of Bitcoin,\u201d conducted by researchers from the Technical University of Munich and MIT, Bitcoin (BTC) mining alone <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.researchgate.net\/publication\/331407183_The_Carbon_Footprint_of_Bitcoin\">generates<\/a> between 23.6 and 28.8 megatons in CO2 emissions each year, which contributes to climate change. The world\u2019s CO2 levels hit new highs last year, a trend that is expected to repeat itself in 2020 despite coronavirus-related lockdowns that have forced a global industrial slowdown, according to a recent report <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/public.wmo.int\/en\/media\/press-release\/carbon-dioxide-levels-continue-record-levels-despite-covid-19-lockdown\">published<\/a> by the World Meteorological Organization.<\/p>\n<p>In the time of the global pandemic, the economy will continue to digitize. So, the best way to avoid climate change is by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.edf.org\/climate\/how-cap-and-trade-works\">adopting<\/a> a climate policy that limits emissions and puts a price on them, according to the Environmental Defense Fund.<\/p>\n<p>Carbon credits and markets are frequently incorporated into national and international efforts to mitigate increased concentrations of greenhouse gases in the atmosphere by putting a price on them. Experts often debate the pros and cons:<\/p>\n<ul>\n<li>A carbon tax directly establishes a price on greenhouse gas emissions, so companies are charged fees that accumulate for every ton of emissions they produce.<\/li>\n<li>A cap-and-trade\/energy-trading system issues a set number of emissions \u201callowances\u201d each year that can be auctioned to the highest bidder as well as traded on secondary markets, thereby creating a carbon price.<\/li>\n<\/ul>\n<p>Blockchain technology can be used to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mdpi.com\/2071-1050\/12\/10\/4021\">track<\/a> carbon credits \u2014 a generic term for any tradable certificate or permit representing the right to emit one ton of CO2 \u2014 to reduce environmental pollution and carbon emissions, according to the report \u201cBlockchain of Carbon Trading for UN Sustainable Development Goals.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Worlds_first_tradable_carbon_token\"><\/span>World\u2019s first tradable carbon token<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Universal Protocol Alliance, a coalition of leading blockchain companies and crypto firms, launched the world\u2019s first tradable carbon token on a public blockchain, dubbed Universal Carbon (UPCO2). It can be bought and held as an investment or burned to offset an individual\u2019s carbon footprint. Each token represents one year-ton of CO2 emissions that have been prevented by a certified <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.fao.org\/redd\/en\/\">REDD+<\/a> project preventing rainforest loss or degradation. It is backed by a Voluntary Carbon Unit, a digital certificate issued by Verra \u2014 an international standards agency \u2014 that enables projects to turn their greenhouse gas reductions into carbon credits that can be traded.<\/p>\n<p>As Juan Pablo Thieriot, co-founder of the UPA and CEO of Uphold, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/worlds-first-tradable-carbon-token-is-set-to-democratize-access-to-the-most-important-new-asset-class-for-generations-301182669.html\">explained<\/a>:<\/p>\n<blockquote><p>\u201cThis year may go down as the key inflection point for climate change. The year it went from a far-off issue enshrined in distant accords like Kyoto and Paris, to an existential threat affecting the lives of tens of millions of people. In recent months, we\u2019ve seen Australia and California on fire, ever more powerful hurricanes, the U.S. president-elect Joe Biden announcing a Climate Administration, and companies such as <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le, Microsoft, and Nike voluntarily committing to carbon neutrality.\u201d<\/p><\/blockquote>\n<p>He also added that \u201cCombating climate change is likely to become the dominant economic issue of the next 20 years.\u201d<\/p>\n<p>The UPCO2 token could lead to the establishment of a global clearing price for tokenized carbon credits by allowing market mechanisms to drive industrial and commercial processes in the direction of low emissions or less carbon-intensive approaches, as the supply of carbon credits in 2020 has only <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/openknowledge.worldbank.org\/bitstream\/handle\/10986\/33809\/9781464815867.pdf\">represented<\/a> 22% of global greenhouse gas emissions, according to the World Bank.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cap-and-trade_programs_of_the_top_six_CO2-emitting_countriesregions_of_the_world\"><\/span>Cap-and-trade programs of the top six CO2-emitting countries\/regions of the world<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cap-and-trade programs use market forces to reduce emissions cost-effectively. This stands in contrast to \u201ccommand-and-control\u201d approaches where the government determines performance standards or technology choices for individual facilities. It also differs from a carbon tax in that it provides a high level of certainty about future emissions but not about the price of those emissions (carbon taxes do the inverse).<\/p>\n<p>With cap-and-trade programs, the market determines a price on carbon, which drives investment and market innovation. It is the preferable policy when a jurisdiction has a specified emissions target, such as set by the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/unfccc.int\/process-and-meetings\/the-paris-agreement\/the-paris-agreement\">Paris Agreement<\/a>. There are a number of studies that have reviewed the success of cap-and-trade programs by identifying some key issues from the top six CO2-emitting countries\/regions in the world.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"China\"><\/span>China<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>China <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.edf.org\/climate\/why-china-center-our-climate-strategy\">launched<\/a> the initial phase of a national carbon market in 2017 with help from the Environmental Defence Fund to limit and reduce CO2 emissions from factories and other industries in a cost-effective manner. This year, China\u2019s Ministry of Ecology and Environment moved closer to completing the launch of the market, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/carbon-pulse.com\/113565\/\">releasing<\/a> draft rules \u2014 in addition to registry and settlement regulations \u2014 for its national energy trading system.<\/p>\n<p>The emissions trading scheme, or ETS, will initially cover coal- and gas-fired power plants. <\/p>\n<p>Based on the plant\u2019s power generation output, it will allocate allowances, or permits, and each fuel and technology will have different benchmarks. The ETS is expected to be the world\u2019s largest and expand to seven additional sectors, covering one-seventh of worldwide CO2 emissions from fossil fuels. A report by the International Energy Agency dubbed \u201cChina\u2019s Emissions Trading Scheme: Designing efficient allowance allocation\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.iea.org\/reports\/chinas-emissions-trading-scheme\">makes<\/a> policy recommendations for China\u2019s ETS.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>How the biggest CO2 polluter is becoming the world\u2019s leading producer of solar panels<\/em><\/strong> <\/p>\n<h3><span class=\"ez-toc-section\" id=\"United_States\"><\/span>United States<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Efforts in the United States to create a nationwide cap-and-trade system in 2009 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.c2es.org\/content\/cap-and-trade-basics\/\">proved<\/a> unsuccessful. Instead, 10 states now participate in the Regional Greenhouse Gas Initiative, a cap-and-trade program established in 2009, while California has operated a cap-and-trade program since 2013 that is linked with a program in Quebec, Canada.<\/p>\n<p>A study <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.belfercenter.org\/publication\/carbon-taxes-vs-cap-and-trade-theory-and-practice\">published<\/a> by the Harvard Project on Climate Agreements dubbed \u201cCarbon Taxes vs. Cap and Trade: Theory and Practice\u201d argues that an economywide carbon pricing system is essential for any U.S. national policy that seeks to achieve meaningful, cost-effective reductions in CO2 emissions. Another study by the World Resources Institute titled \u201cPutting a Price on Carbon: Reducing Emissions\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wri.org\/publication\/putting-price-carbon-reducing-emissions\">finds<\/a> that a well-designed carbon tax or cap-and-trade program could be the centerpiece of U.S. efforts to reduce greenhouse gas emissions.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Is US environmental tax policy hindering solar power to fuel digital technologies?<\/em><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"European_Union\"><\/span>European Union<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The European Union has the world\u2019s first, and its largest, major carbon market. Its ETS is at the core of its policy for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ec.europa.eu\/clima\/policies\/ets_en\">fighting<\/a> climate change, and it is one of the most important tools at its disposal for the cost-effective reduction of greenhouse gas emissions.<\/p>\n<p>A study titled \u201cPersonal carbon trading: a review of research evidence and real-world experience of a radical idea\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.researchgate.net\/publication\/267324287_Personal_carbon_trading_a_review_of_research_evidence_and_real-world_experience_of_a_radical_idea\">points out<\/a> that personal carbon trading, a catch-all term for multiple downstream cap-and-trade policies, is an innovative CO2 mitigation approach. It seeks to limit a society\u2019s carbon emissions by engaging individuals in the process, and it is able to cover over 40% of national carbon emissions by combining various mechanisms to drive socioeconomic and psychological behavioral change.<\/p>\n<p>Another study dubbed \u201cThe European Union Emissions Trading System reduced CO2 emissions despite low prices\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.pnas.org\/content\/117\/16\/8804\">points out<\/a> that the prices produced by carbon markets are often considered too low relative to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> cost associated with carbon, but nevertheless, the EU\u2019s ETS resulted in a 3.8% reduction of total EU-wide emissions.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Green policy and crypto energy consumption in the EU<\/em><\/strong><strong> <\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"India\"><\/span>India<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In 2019, the Indian state of Gujarat <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/epod.cid.harvard.edu\/news\/india-launches-worlds-first-particulate-emission-trading\">launched<\/a> the first-ever emissions trading system for particulate pollution. It serves as a pilot for the rest of India, as well as the world, and a means of reducing air pollution and facilitating economic growth. Additionally, leading companies in India <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.climatescorecard.org\/2020\/03\/indian-businesses-take-the-lead-on-carbon-pricing\/\">set up<\/a> their own carbon pricing mechanisms in a three-phase process. India\u2019s emissions trading systems were <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.edf.org\/sites\/default\/files\/india-case-study-may2015.pdf\">reviewed<\/a> in a report prepared by the Environment Defence Fund titled \u201cIndia: An Emissions Trading Case Study.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>India is fostering a solarized digital future<\/em><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Russia\"><\/span>Russia<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Currently, there is no cap-and-trade carbon pricing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.climatescorecard.org\/2020\/03\/an-absence-of-carbon-pricing-in-russia\/\">mechanism<\/a> in Russia. A study dubbed \u201cCarbon Tax or Cap-and-Trade for Russia? Evidence from RICE Model and Other Considerations\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hse.ru\/en\/edu\/vkr\/182431640\">states<\/a> that Russia should select a carbon tax over a cap-and-trade system due to political, economic and historical factors, but it concludes that Russia is unlikely to take decisive action to tackle climate change in the near future.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Russia leads multinational stablecoin initiative<\/em><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Japan\"><\/span>Japan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Japan has had a cap-and-trade program <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/icapcarbonaction.com\/en\/?option=com_etsmap&amp;task=export&amp;format=pdf&amp;layout=list&amp;systems%5B%5D=51\">in place<\/a> for Tokyo since 2010. A study titled \u201cThe impact of the Tokyo emissions trading scheme (ETS) on office buildings: what factor contributed to the emission reduction?\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.researchgate.net\/publication\/340002895_The_impact_of_the_Tokyo_emissions_trading_scheme_on_office_buildings_what_factor_contributed_to_the_emission_reduction\">evaluates<\/a> Tokyo\u2019s ETS, which was the first emissions trading program for greenhouse gas emissions from office buildings.<\/p>\n<p>While the government of Tokyo called the ETS successful, not everyone believes that it was the driving force behind the nation\u2019s emission reductions. Some have argued that it was actually due to the Great East Japan Earthquake in 2011, which resulted in increased electricity prices. In the aforementioned study, researchers conducted an econometric analysis using a facility-level data set for Japanese office buildings, finding that half of the emission reduction resulted from the ETS, while the other half was a result of the electricity price increases.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Japan to solarize its burgeoning digital economy<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.aljazeera.com\/news\/2020\/11\/23\/gas-emissions-expected-to-stay-steady-despite-covid-19-lockdowns\">pointed out<\/a>: \u201cCOVID-19 hasn\u2019t put climate change on hold.\u201d<\/p>\n<p>And as Alexandre Gellert Paris of the UNFCCC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/unfccc.int\/news\/how-blockchain-technology-could-boost-climate-action\">explained<\/a>:<\/p>\n<blockquote><p>\u201cAs countries, regions, cities and businesses work to rapidly implement the Paris Climate Change Agreement, they need to make use of all innovative and cutting-edge technologies available. Blockchain could contribute to greater stakeholder involvement, transparency and engagement and help bring trust and further innovative solutions in the fight against climate change, leading to enhanced climate actions.\u201d<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em>The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. <\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Selva Ozelli<\/strong>, Esq., CPA, is an international tax attorney and certified public accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/the-pandemic-year-ends-with-a-tokenized-carbon-cap-and-trade-solution\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# The pandemic year ends with a tokenized carbon cap-and-trade solution &#8221; It has been a blazing start to a new decade, with 13% more large, uncontrolled wildfires around the world this year compared with 2019. This has spelled dire consequences for CO2 levels, which have made worse a terrible COVID-19 pandemic that has led&#8230;<\/p>\n","protected":false},"author":1,"featured_media":142287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/74423c77-5d4b-4fb6-95ba-161fddf6f8ee.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75046,83485,4973,1545,72705,17318,20618,70934,4975,4965,70850,67874],"class_list":["post-142286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cbdc","tag-new-years-special","tag-china","tag-coronavirus","tag-european-union","tag-india","tag-japan","tag-regulation","tag-russia","tag-technology","tag-united-nations","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/142286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=142286"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/142286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/142287"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=142286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=142286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=142286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}