The International Chamber of Commerce (ICC) has announced its partnership with blockchain companies Perlin and AirCarbon to promote climate projects with funding of US$40 billion in order to lower carbon emissions from the aviation industry.

Blockchain Firms Address Carbon Emission Issue 

The ICC, Perlin and AirCarbon revealed that the partnership will utilize blockchain solutions to address the issue of carbon emissions, with the alliance announced on the sidelines of the United Nations Conference on Climate Change in Madrid, according to Cointelegraph.

ICC Secretary General John W.H. Denton affirmed that the agency will drive the project with innovative solutions.

“As part of ICC’s declaration for the next century of global business, we are committed  to making climate action everyone’s business by supporting the research, development, and deployment of digitally-enabled solutions,” Denton said. “This partnership will harness the power of technology to accelerate innovation, and inspire real, concrete action to keep our air carbon-free.”

Tracking Carbon Credit with Blockchain Technology

Meanwhile, the ICC disclosed it will promote the use of a carbon credits solution developed by AirCarbon that utilizes a blockchain network to store the data for CORSIA — a carbon offset project initiated by the International Civil Aviation Authority.

Earlier this year, the ICC worked with Perlin to develop an International E-Registry of Ships platform which saw the Singapore Shipping Association cooperating with the ICC.

With more international organizations adopting blockchain technology, David Bischof, Deputy Director of the ICC’s finance for development hub, reminded the trade industry that other factors are also important in driving international trade.

“Standardisation in trade and trade finance is a key challenge to ensure the numerous blockchain-based platforms are of use for businesses that trade,” he said.

Source: https://cointelegraph.com

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