International Finance Corp (IFC), a World Bank affiliate, told Reuters on Wednesday it is backing a blockchain-enabled platform to trade carbon offsets, aiming to attract more support from institutional investors for climate-friendly projects in emerging markets.
An IFC spokesperson told Reuters it would only source, tokenise and sell unused credits from an established registry that pass its additional quality checks.
Seeded with $10 million as a proof-of-concept, the fund will buy carbon credits from projects chosen by Aspiration and Cultivo, which will then be tokenised using technology from Chia and tracked using the World Bank'sA Verra spokesperson said it was speaking with the IFC about its role in the Climate Warehouse.
Glickman added that only about 10% of carbon credit projects would currently meet the fund's criteria. Yet only a third of the 50-60 gigatonnes of emissions that need to be slashed annually can be eliminated through renewable energy sources and efficiency measures, according to Aspiration.
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