{"id":12564,"date":"2022-08-18T15:18:19","date_gmt":"2022-08-18T15:18:19","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/08\/18\/crypto-cant-fix-carbon-offsets-but-crypto-fans-are-trying-anyway\/"},"modified":"2022-08-18T15:18:20","modified_gmt":"2022-08-18T15:18:20","slug":"crypto-cant-fix-carbon-offsets-but-crypto-fans-are-trying-anyway","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/08\/18\/crypto-cant-fix-carbon-offsets-but-crypto-fans-are-trying-anyway\/","title":{"rendered":"Crypto can\u2019t fix carbon offsets \u2014 but crypto fans are trying anyway"},"content":{"rendered":"<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/8\/18\/23310254\/carbon-offset-credits-crypto-tokens-adam-neumann-wework\">https:\/\/www.theverge.com\/2022\/8\/18\/23310254\/carbon-offset-credits-crypto-tokens-adam-neumann-wework<\/a><br \/>\n<code><br \/><\/br><\/code><\/p>\n<div readability=\"231.13930226885\">\n<p class=\"p--has-dropcap p-large-text\" id=\"jzGfAK\">There\u2019s a wonky new attempt to use controversial technology to tackle climate change: turning carbon offset credits into crypto tokens. Both carbon offsets and crypto are hot-button topics in the sustainability game. Crypto <a href=\"https:\/\/www.theverge.com\/2022\/6\/30\/23004518\/new-york-denies-air-permit-to-bitcoin-mining-power-plant\">mines<\/a> have been notorious sources of <a href=\"https:\/\/www.theverge.com\/2021\/4\/8\/22373524\/cryptocurrency-climate-accord-bitcoin-carbon-footprint\">climate pollution<\/a>, and purchasing carbon offsets is a popular way companies try to <a href=\"https:\/\/www.theverge.com\/23036346\/earth-day-corporate-climate-change-goals-greenwashing\">absolve themselves<\/a> of their greenhouse gas pollution, a strategy that has mostly <a href=\"https:\/\/gspp.berkeley.edu\/faculty-and-impact\/centers\/cepp\/projects\/berkeley-carbon-trading-project\">failed<\/a> in the past. Now, parts of the crypto industry are claiming that they can make offset credits better \u2014 but experts are still skeptical. <\/p>\n<p id=\"ga8Jrz\">To understand how these new tokens are an old-fashioned carbon offset in crypto clothing, we need to get down to the basics of how they work. We\u2019ll start with carbon credits. <\/p>\n<h3 id=\"HCmB17\">Carbon credits 101<\/h3>\n<p id=\"4SsbJ4\">Carbon dioxide is a byproduct of doing business in our current economy, and it will remain in that position as long as we rely heavily on burning fossil fuels. Using electricity, transporting people and goods \u2014 all result in carbon emissions that are <a href=\"https:\/\/www.theverge.com\/2021\/8\/9\/22613531\/climate-change-united-nations-report-extreme-weather-ipcc\">heating up our planet<\/a>. <a href=\"https:\/\/www.theverge.com\/22617371\/extreme-weather-science-attribution-un-report-climate-change\">This is bad<\/a>. Now, there is a solution to stop Earth from turning into a charred and flooded hellscape \u2014 stop emitting so much carbon dioxide. But that is very inconvenient for companies and requires them to change how they power their operations and move stuff around the world. Some companies think they\u2019ve figured out a way to get around all that. If they keep emitting but want to be able to say that they\u2019re going \u201cgreen,\u201d they can just invest in efforts to prevent or capture carbon dioxide emissions elsewhere. That will cancel out the effects of their own pollution, or so the thinking goes. Now, people have to figure out how to keep track of that carbon.  <\/p>\n<div class=\"c-float-right c-float-hang\">\n<aside id=\"tK1sXm\"><q>These new tokens are an old-fashioned carbon offset in crypto clothing<\/q><\/aside>\n<\/div>\n<p id=\"zo7wml\">That\u2019s where carbon offset credits come into the picture. A carbon credit represents a metric ton of carbon dioxide that\u2019s been captured or that has otherwise avoided being leaked into the atmosphere. Carbon credits have been used for a long time by companies and individuals interested in offsetting their emissions. An airline or one of its passengers, for example, might purchase carbon credits to offset the <a href=\"https:\/\/www.theverge.com\/2019\/9\/26\/20872267\/flight-shame-nyc-united-nations-climate-change-environmental-costs\">pollution from a flight<\/a>, in the process absolving travelers from the stain of climate pollution. <\/p>\n<p id=\"PkAYvE\">But if this all sounds too good to be true, it\u2019s because it usually is. We\u2019ll get back to this \u2014 but first, the blockchain.<\/p>\n<h3 id=\"TdTgGt\">Blockchain 101<\/h3>\n<p id=\"tldPFZ\">The flashy new thing we\u2019re talking about here is turning those credits into crypto tokens, which involves bringing the credits that we talked about above onto a blockchain. A blockchain is basically a shared record of transactions, meaning the record is usually maintained by many different people or entities to make it harder to corrupt (<em>The Verge<\/em> has a great <a href=\"https:\/\/www.theverge.com\/22654785\/blockchain-explained-cryptocurrency-what-is-stake-nft\">explainer<\/a> here). That\u2019s important because you want to avoid problems like double-spending with cryptocurrencies or double-counting when it comes to greenhouse gas emissions reductions. <\/p>\n<p id=\"ICikUI\">Tying credits to blockchains using tokens, the argument goes, can potentially make it easier to see what the heck is going on in carbon markets. And that\u2019s supposed to make carbon credits more appealing and valuable \u2014 which might incentivize better quality offset projects. One of the splashiest examples of this concept is the forthcoming \u201cGoddess Nature Token,\u201d created by a startup called FlowCarbon, whose <a href=\"https:\/\/www.flowcarbon.com\/knowcarbon\/flowcarbon-raises-70m-to-tokenize-carbon-credits-and-build-an-on-chain-market\">founders<\/a> include Adam Neumann of <a href=\"https:\/\/www.theverge.com\/2019\/8\/15\/20806366\/we-company-wework-ipo-adam-neumann\">WeWork infamy<\/a>. The goal of GNT is to usher in \u201ca liquid, transparent market that anyone can access.\u201d In other words, the aim is to make it easier for anyone to buy carbon credits and see how those transactions are taking place.<\/p>\n<p id=\"0yn36L\">How helpful that would actually be for the planet, though, is up for heated debate. The elephant in the room is the energy hunger of some blockchains. The biggest culprits are the biggest cryptocurrencies, <a href=\"https:\/\/digiconomist.net\/bitcoin-energy-consumption\">Bitcoin<\/a> and <a href=\"https:\/\/digiconomist.net\/ethereum-energy-consumption\">Ethereum<\/a>, that use a <a href=\"https:\/\/www.theverge.com\/2022\/3\/29\/22999715\/climate-change-bitcoin-drop-energy-hungry-software-code-proof-of-work\">particularly energy-intensive<\/a> and polluting process to verify transactions. Their electricity use can <a href=\"https:\/\/digiconomist.net\/ethereum-energy-consumption\">rival the annual electricity use<\/a> of some small nations. Some of the carbon offsets that have been turned into crypto tokens are <a href=\"https:\/\/blog.polygon.technology\/meet-projects-tackling-climate-change-on-polygon\/\">available on Polygon<\/a>, a blockchain that\u2019s essentially <a href=\"https:\/\/www.theverge.com\/2022\/2\/8\/22923530\/world-wildlife-fund-nft-polygon-layer-2-blockchain-energy-emissions\">built on top of Ethereum<\/a>. As a result, even though Polygon says it avoids the energy-hungry crypto mining process, it is still responsible for some of <a href=\"https:\/\/digiconomist.net\/ethereum-energy-consumption\">Ethereum\u2019s carbon dioxide emissions<\/a>. <\/p>\n<div class=\"c-float-left c-float-hang\">\n<aside id=\"g7yHSP\"><q>Offsetting emissions the old-school way, pre-crypto, was already a risky venture <\/q><\/aside>\n<\/div>\n<p id=\"Jw8RJ8\">Other tokens have turned to blockchains that use a different system that uses vastly less energy. But this all goes to show that trying to solve climate change through these kinds of techno-fixes is dicey business, with plenty of pitfalls to avoid. <\/p>\n<p id=\"ph2TdP\">Besides, offsetting emissions the old-school way, pre-crypto, was already a risky venture because a lot of carbon credits on the market are junk: they don\u2019t represent real reductions in emissions. So turning those credits into tokens just doesn\u2019t get to the root of that problem. <\/p>\n<p id=\"IEva8p\">\u201cIf cryptocurrencies are buying up poor quality credits and tokenizing them and creating value out of them, that seems really problematic to me,\u201d says Barbara Haya, director of the Berkeley Carbon Trading Project. \u201cYou don\u2019t want to create value out of things that are based on false claims about carbon impact.\u201d<\/p>\n<h3 id=\"j61CQv\">Carbon offsets 201: the quality control problem<\/h3>\n<p id=\"cH3wgn\">Carbon registries issue carbon offset credits from offset projects that are supposed to reduce the concentration of carbon dioxide building up in the atmosphere \u2014 say by preserving a forest or planting trees that draw down planet-heating CO2.<\/p>\n<p id=\"XlnP6t\">The problem is that carbon offset markets are riddled with bad credits. They might represent, for example, efforts to preserve a forest and its potential to store CO2. Oftentimes, <a href=\"https:\/\/www.bloomberg.com\/features\/2020-nature-conservancy-carbon-offsets-trees\/#xj4y7vzkg\">investigations<\/a> <a href=\"https:\/\/www.theguardian.com\/environment\/2021\/may\/04\/carbon-offsets-used-by-major-airlines-based-on-flawed-system-warn-experts\">have found<\/a>, those forests were never in danger of being razed or the threats they faced were exaggerated \u2014 so paying to \u201cprotect\u201d them didn\u2019t actually help to further limit the amount of planet-heating pollution building up in our atmosphere. In fact, a lot of credits that are traded don\u2019t actually represent real-world reductions in greenhouse gas emissions, the Berkeley Carbon Trading Project has <a href=\"https:\/\/gspp.berkeley.edu\/faculty-and-impact\/centers\/cepp\/projects\/berkeley-carbon-trading-project\">found<\/a>. Offsetting is \u201cnot yet a credible climate solution at all,\u201d Haya says, and the overall quality of offsets hasn\u2019t really improved over time.<\/p>\n<h3 id=\"1WL7yp\">Blockchains haven\u2019t solved the quality control problem<\/h3>\n<p id=\"KTCBi3\">There are a lot of companies that are trying to sell crypto as a climate solution. Back in October, a blockchain project called Toucan and a <a href=\"https:\/\/www.nytimes.com\/interactive\/2022\/03\/18\/technology\/what-are-daos.html#:~:text=In%20its%20most%20basic%20form,network%2C%20or%20influencing%20an%20election.\">decentralized autonomous organization<\/a> (sort of like an environmental \u201ccrypto co-op\u201d) called KlimaDAO released a new token. It\u2019s called Base Carbon Tonne (BCT), and it represents carbon offset credits that have been moved from a traditional carbon registry onto a blockchain. <\/p>\n<p id=\"dDLBlj\">Markets for carbon offset markets are \u201copaque, rife with middlemen and, as a result, suffer from questionable quality and lack transparent price signals,\u201d Toucan said in a <a href=\"https:\/\/mirror.xyz\/0x84F5590Ffe54e0f684b845807D036D8C1D18e684\/FqIc41yUQF4Jw-ppjJh1x28Wh143D2CjG1fGk3sGzWc\">post<\/a> in October when it launched. <\/p>\n<p id=\"ogoEat\">Bringing carbon offset credits onto a blockchain theoretically makes the risky process of dealing in carbon credits more transparent. Folks can see the record of transactions clearly on the blockchain: which credits were sold when and for how much, and what kind of carbon-reducing project it stems from. <\/p>\n<p id=\"xTmdee\">Toucan\u2019s first effort to bring carbon credits on-chain picked up steam fast. After a few months, about a quarter of all the credits on the world\u2019s largest registry had been moved on-chain using Toucan\u2019s platform. But its popularity didn\u2019t necessarily translate into success when it comes to reducing planet-heating pollution. <\/p>\n<div class=\"c-float-right c-float-hang\">\n<aside id=\"M6l9KX\"><q>\u201cThere\u2019s plenty of room to over exaggerate\u201d<\/q><\/aside>\n<\/div>\n<p id=\"IKAm5T\">One high-profile <a href=\"https:\/\/carbonplan.org\/research\/toucan-crypto-offsets\">analysis<\/a> by researchers at the nonprofit CarbonPlan found that nearly all the credits were of such poor quality that they would have been barred from the global offsetting scheme for international aviation, considered an industry standard for offsets. Part of the problem with many of the credits was that they were tied to old \u201czombie projects,\u201d according to CarbonPlan, that other buyers likely hadn\u2019t touched because of quality concerns. Once they\u2019d been converted into tokens, all the crypto hype had them selling like hotcakes, even if they weren\u2019t necessarily a good buy.<\/p>\n<p id=\"gwn82o\">\u201cThere\u2019s plenty of room to over exaggerate how much your crypto efforts are actually helping the environment,\u201d says Grayson Badgley, lead author of the CarbonPlan analysis. \u201cSimply moving that inventory [of credits] from one registry to the next isn\u2019t going to suddenly make those carbon offsets better.\u201d<\/p>\n<p id=\"lGs18S\">Backlash to the over-exaggeration was swift. The carbon registry decided to stop turning credits into tokens, <a href=\"https:\/\/verra.org\/verra-addresses-crypto-instruments-and-tokens\/\">pending \u201cpublic consultation<\/a>\u201d on how to improve the process. To try to address some of the problems, Toucan introduced a new token called the Nature Carbon Tonne with tighter restrictions on what kinds of offset projects could be included. The critical analysis, they say, proved that blockchain is a tool that can improve the offset market through greater transparency. <\/p>\n<p id=\"NZzPcR\">\u201cIf you can see everything that\u2019s happening, it\u2019s a lot easier to criticize things and to fix things,\u201d says Toucan COO Robert Schmitt. \u201cThe only reason CarbonPlan was able to do this analysis is because it\u2019s on-chain. They could never have done this in the traditional market.\u201d<\/p>\n<h3 id=\"UXyHrw\">Roadblocks ahead<\/h3>\n<p id=\"KiJv0a\">Neumann\u2019s new venture, Flowcarbon, is trying something similar to Toucan with its Goddess Nature tokens. But it\u2019s trying to avoid some of the problems Toucan ran into by vetting offset credits more thoroughly before turning them into tokens. The tokens will be based on newer carbon credits that meet \u201cmarket-recognized standards,\u201d Flowcarbon says. <\/p>\n<p id=\"lX1kLB\">Its promises seem to have reassured investors. Flowcarbon nabbed <a href=\"https:\/\/www.reuters.com\/markets\/us\/exclusive-neumann-backed-climate-tech-venture-flowcarbon-raises-70-mln-2022-05-24\/\">$70 <\/a><a href=\"https:\/\/www.flowcarbon.com\/knowcarbon\/flowcarbon-raises-70m-to-tokenize-carbon-credits-and-build-an-on-chain-market\">m<\/a><a href=\"https:\/\/www.reuters.com\/markets\/us\/exclusive-neumann-backed-climate-tech-venture-flowcarbon-raises-70-mln-2022-05-24\/\">illion<\/a> in venture capital in May.<\/p>\n<p id=\"ypkXU6\">Flowcarbon says it plans to officially launch GNT \u201csoon,\u201d refuting a July <a href=\"https:\/\/www.wsj.com\/articles\/crypto-crash-stalls-wework-founder-adam-neumanns-climate-venture-11657963804\"><em>Wall Street Journal <\/em>report<\/a> that said the launch was on hold following crashing crypto prices. \u201c[GNT] will trade at one transparent price for everyone in a liquid, transparent market. This clear and consistent price data is essential for investors to be able to finance new carbon reduction and removal projects that generate credits,\u201d Flowcarbon CEO and co-founder Dana Gibber said in an emailed statement to <em>The Verge<\/em>. <\/p>\n<div class=\"c-float-left c-float-hang\">\n<aside id=\"xy3ikD\"><q>Despite all the documented problems with offsets, they\u2019ve continued to grow more popular<\/q><\/aside>\n<\/div>\n<p id=\"zcAjhE\">You see, despite all the documented problems with offsets, they\u2019ve continued to grow <a href=\"https:\/\/www.vox.com\/2020\/2\/27\/20994118\/carbon-offset-climate-change-net-zero-neutral-emissions\">more popular<\/a> as a way for companies to be able to say that they\u2019re shrinking their impact on the environment. Offset fans are holding out hope that the markets can still improve with techno-fixes that have ranged from monitoring offset projects with <a href=\"https:\/\/www.forbes.com\/sites\/jamiehailstone\/2021\/12\/01\/can-satellite-technology-make-the-carbon-credit-market-more-transparent\/?sh=773c0df11440\">satellites<\/a> to make sure they\u2019re doing what they\u2019re supposed to be doing \u2014 to blockchains bringing increased transparency to markets. It gives new outfits like Flowcarbon motivation to make carbon credits easier to buy and sell by turning them into tokens.<\/p>\n<p id=\"snnLtz\">But experts are dubious that increased liquidity is a good thing, given the poor quality of many carbon offset credits. \u201cGiven that you can\u2019t trust the credit quality, companies ideally would do due diligence and really look for projects and project developers that they trust and that they want to support,\u201d Haya says. <\/p>\n<p id=\"o83x6T\">The need to vet credits leads to another reason why blockchains haven\u2019t been able to solve problems at the core of carbon offset markets. Digital currency economist Alex de Vries calls it \u201cThe Oracle Problem.\u201d Blockchains, by nature of being a decentralized ledger, are \u2014 at their best \u2014 supposed to eliminate the need to rely on a big institution like a bank to keep an accurate record of assets. But sifting out poor-quality carbon credits still relies on a trusted intermediary like the traditional offset registry. They might need to perform audits to verify that trees actually have been planted and that no one is double counting emissions reductions, de Vries explains. <\/p>\n<p class=\"c-end-para\" id=\"c5wYC3\">Otherwise, de Vries says, \u201cIf you put garbage on the blockchain, it\u2019s still garbage. The blockchain doesn\u2019t fix that. It\u2019s a misconception.\u201d<\/p>\n<\/div>\n<p><code><br \/><\/br><\/code><\/p>\n<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/8\/18\/23310254\/carbon-offset-credits-crypto-tokens-adam-neumann-wework\">https:\/\/www.theverge.com\/2022\/8\/18\/23310254\/carbon-offset-credits-crypto-tokens-adam-neumann-wework<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: There\u2019s a wonky new attempt to use controversial technology to tackle climate change: turning carbon offset credits into crypto tokens. Both carbon offsets and crypto are hot-button topics in the sustainability game. Crypto mines have been notorious sources of climate pollution, and purchasing carbon offsets is a popular way companies try to absolve themselves [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12565,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-12564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto can\u2019t fix carbon offsets \u2014 but crypto fans are trying anyway - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/08\/18\/crypto-cant-fix-carbon-offsets-but-crypto-fans-are-trying-anyway\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto can\u2019t fix carbon offsets \u2014 but crypto fans are trying anyway - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: There\u2019s a wonky new attempt to use controversial technology to tackle climate change: turning carbon offset credits into crypto tokens. 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Crypto mines have been notorious sources of climate pollution, and purchasing carbon offsets is a popular way companies try to absolve themselves [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/scienceandnerds.com\/2022\/08\/18\/crypto-cant-fix-carbon-offsets-but-crypto-fans-are-trying-anyway\/\" \/>\n<meta property=\"og:site_name\" content=\"Science and Nerds\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-18T15:18:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-18T15:18:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/scienceandnerds.com\/wp-content\/uploads\/2022\/08\/crypto-cant-fix-carbon-offsets-but-crypto-fans-are-trying-anyway_62fe583bd0a58.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/scienceandnerds.com\/2022\/08\/18\/crypto-cant-fix-carbon-offsets-but-crypto-fans-are-trying-anyway\/\",\"url\":\"https:\/\/scienceandnerds.com\/2022\/08\/18\/crypto-cant-fix-carbon-offsets-but-crypto-fans-are-trying-anyway\/\",\"name\":\"Crypto can\u2019t fix carbon offsets \u2014 but crypto fans are trying anyway - 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Both carbon offsets and crypto are hot-button topics in the sustainability game. 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