According to a declaration dated April 22, 2020, the ICC (International Chamber of Commerce) has launched a novel and robust climate action initiative – the ICC Carbon Council – to control the present incompetence in the carbon market by leveraging blockchain technology.

ICC Launches Carbon Council

On the occasion of the 50th anniversary of Earth Day, the ICC has launched a new distributed ledger technology-enabled (DLT) initiative, which strives to bring higher liquidity to the carbon market.

The ICC, in combination with blockchain firm Perlin, and carbon asset digital exchange AirCarbon Exchange, is running on the development of the Carbon Council. Distinctly, ICC Carbon Council’s inaugural meeting was accompanied by a slew of significant international companies, including BlackRock, Singapore Airlines, Macquarie Bank, Shell, State Street, and Temasek.

The ICC will view to leverage its wide network, including 45 million businesses scattered over more than 100 countries across the world, to serve as a global connector and convenor for carbon trade.

As per sources close to the matter, the ICC is now summoning potential members to meet the council over several sectors to help grant financial assistance to important carbon mitigation projects over the world.

William Pazos, COO, AirCarbon, stated in a statement: “Carbon markets have grown five-fold in just two years but remain fragmented, opaque, and illiquid. AirCarbon uses traditional commodity trading exchange architecture and pioneering blockchain technology to overcome the problems that hinder growth in carbon markets and enable the highly liquid trade of fungible carbon assets.”

Tapping Blockchain to Curb Global Carbon Emission

Blockchain technology’s cutting-edge characteristics make it an excellent candidate for plenty of industries and ecosystems across the globe, including its potential to restrict global carbon emission.

It was reported in September last year how DLC (Distributed Computing Lab) had produced a cryptocurrency to achieve a network without jeopardizing its decentralization and released a tiny portion of carbon dioxide relative to that of Bitcoin (BTC).