The challenges voluntary carbon markets are facing today are serious; the market does not have sufficient guardrails or a common global standard. Countries are experimenting with frameworks to suit their needs. This had led to a large informational asymmetries between project developers, standards organizations, certifiers, and buyers. Further, the reputational concerns that companies face could limit demand for offsets, derailing the voluntary efforts, which are critical for reducing our emissions.
And it is only going to get bigger.
Opacity and fraud in the carbon markets.
The complexity and opacity of the carbon markets make it difficult to enforce standardised policies globally. The heterogeneous nature of the carbon credits with their underlying attributes varying significantly, it is further compounding the challenge faced by the voluntary markets. Lack of a consensus backed mechanism to safeguard the carbon markets from fraudulent practices and apprehension of adverse brand impact, is adding to the resistance of enterprises from a wholesome embracing of carbon offset market impacting Net Zero goals.
This is how Tokere is mitigating the risk.
- Immutable Ledger: We create a tamper-proof record where transactions cannot be altered or deleted. This prevents fraudulent activities like double-counting or fake credits.
- Transparency: the lifecycle of the credit is visible to all stakeholders, ensuring that every credit is traceable and legitimate.
- Smart Contracts: as self-executing contracts, they will automate the verification and issuance of carbon credits, reducing the risk of human error or fraud.
- Verification: our unique solution of a blockchain QR allows stakeholders to verify the legitimacy of the credits in real-time with a simple scan.
- Traceability: carbon credits can be traced through its lifecycle and supply chain, reducing the risk of double-counting.
And we are championing the cause of credible carbon markets
Our technology offers a key solution to address the issues impacting carbon markets like fraud, fakes and duplication. Our solution on a decentralized ledger system offers transparency and traceability that can significantly deter fraudulent activities in the carbon markets. In this era of heightened awareness about climate change and the need for sustainable business practices, Tokere could be your trusted partner in navigating the complex world of carbon credits.
Collectively and voluntarily, one step-at-a-time.
In an ideal world capping and reversing climate damage should not require authentic proofs, regulations, penalties, checklists, etc.. However in a rapidly evolving environment with millions of actions across geographies, and a critical need to balance resources with finances for fair transitions, leading technologies become significantly important to deliver transparency and trust. Tokere delivers this trust.