The climate change crisis is one of the most serious global challenges of the present era and people are becoming increasingly aware that carbon emission reductions will be an inevitable trend for global development. The ECO2 Foundation highlighted these points at the "Low-Carbon Consensus Linking the World" event which they hosted in Taiyuan, China on October 25th, 2020. The ECO2 Ledger has cooperated with and attended events held by the UN Environment Programme, the World Bank, the Climate Chain Coalition, the International Association of Trusted Blockchain Applications (INATBA), the International Emissions Trading Association (IETA), the Global Energy Interconnection Development Cooperation Organization (GEIDCO), the China Energy Conservation Association (CECA), China's Carbon Trading Industry Alliance, as well as international exchange institutions and blockchain media groups.
At the annual meeting of the United Nations General Assembly on September 22, 2020, China put forward its commitment to achieve carbon neutrality by 2060. President Xi Jinping said that China will increase its Intended Nationally Determined Contribution (INDC) and adopt more forceful policies and measures, aiming to peak its carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. As the world's largest developing country, China has improved its people's livelihoods and drastically reduced poverty through economic development, though pollution remains a difficult task. However, China’s carbon neutral commitments play a key role in promoting global climate governance. This ambitious target fully demonstrates China's role as a responsible major country in environmental protection and climate change, and is a great inspiration to the whole world.
Following the spirit of China’s ambitious carbon neutral targets by mid-century, ECO2 Ledger uses blockchain technology to give individuals access to carbon emission reductions, allowing them to participate in mitigating the effects of climate change through emerging technology. ECO2 Ledger is the first public blockchain in the world designed to have zero carbon emissions. In accordance with the goals of international climate change treaties, ECO2 Ledger’s blockchain technology is used to build consensus on emission reductions. Linking the world through low-carbon climate consensus, ECO2 will help China achieve carbon neutrality as soon as possible!
Carl Hao (Hao Xuanzheng), Chairman of ECO2 Foundation, shared his original intention and belief as the initiator of the then-known "ECO2 Climate Consensus", which has now become the “ECO2 Foundation”. Carl Hao is a director of the China Energy Conservation Association (CECA) and won the ASEAN Environmental Innovation Award in 2017. He has been involved in carbon sink development and international carbon trading since the launch of the carbon markets in China, and has participated in a number of VCS forestry carbon sink programs, with the expectation that environmental goals will be achieved through financial means. In 2016, Carl initiated the “ECO2 Climate Consensus” to realize the Paris Agreement's climate action with blockchain technology, and has often participated in blockchain, environmental protection and climate change forums to promote the concept of combining emerging technology with environmental protection. Carl is also an early Bitcoin investor, and has been involved in the development of China’s blockchain industry. At the meeting, he shared his beliefs with participants on the significance of blockchain development and his opinions on the economic value of environmental protection projects in China and abroad.
Speaking about his initial intention to launch the "ECO2 Climate Consensus", Carl Hao said that he saw great potential value in environmental projects, and was inspired by his partner, Neo Lin, who has been trading carbon credits for several years. At the same time, he is very familiar with blockchain technology. Blockchain has strong plasticity and application potential for the future, which makes it well suited for the daily business activity and future development of the carbon trading industry. So, Carl and Neo hit it off to combine blockchain and carbon markets.
ECO2 Ledger is the world's first public blockchain to be built with zero-carbon emissions as a feature of the network. It is specially designed for carbon trading and climate action. As an innovation of blockchain technology in the carbon trading market, ECO2 Ledger enhances the coverage, trust and efficiency of the international carbon trading market with its features of decentralization, transparency and non-tampering. It provides a fair and open global climate action platform for the Paris Agreement's emissions reduction targets.
A co-founder of ECO2, Neo Lin has a master's degree in carbon trading from Tamkang University, and addressed the conference on “Green Finance: The Future of Carbon Trading”. “ECO2 is an application that combines blockchain technology with carbon trading, and uses public blockchain technology to complete the various clearing, registration and storage functions in the carbon market”, remarked Lin said. “The main thing is to be able to do carbon trading and carbon neutrality on the blockchain, and in this way we can get everyone directly involved in climate action.”
In 2018, the National Development and Reform Commission (NDRC) set up pilot carbon markets in more than 10 provinces and cities across China, spreading the carbon market around the country. In national carbon markets, carbon emissions are controlled by economic means including carbon trading rights and emissions quotas. The production of enterprises will be linked with carbon quotas, and carbon emissions that exceed the quota will have to buy from the carbon trading market. In voluntary carbon markets, individuals will be incentivized to be more environmentally friendly through low-carbon lifestyles.
During this event, ECO2 Ledger's core developer and CTO, Chengen Guan, gave a detailed introduction to the architecture design, functional modules, related applications, as well as the development progress and updates of the project to the audience. Guan Chengen said that ECO2 Ledger is a public blockchain based on the underlying framework of Substrate. Up to now, we have developed the carbon neutral functions of ECO2 Ledger, including the registration of global carbon sink assets, carbon neutrality data storage, corporate and personal carbon accounts, smart approval process for carbon emission reduction projects, and decentralized applications (dapps) focused on sustainability and low-carbon applications. At present, ECO2 Ledger is in the private testing phase, and will be released for public testing before the end of 2021, by which time all users in the domestic and foreign carbon market can join in.
As a special guest, Mr. Zhang Chaoran, president and CEO of Block Global, also shared some of his views on the current status and future trends of the blockchain ecosystem in the round table dialogue session of the conference. At the same time, he also predicted that blockchain will be an opportunity for the environmental protection industry to scale in size. Soon, countries around the world will explore the development path of blockchain + environmental protection, let's wait and see!
During the dinner after the conference, four ECO2 community members happened to celebrate their birthdays today, and the friends at the scene celebrated their birthdays together, concluding the event in a cheerful atmosphere.