SFOX, an independent crypto prime broker, and Universal Protocol Alliance (UPA), a coalition of leading blockchain companies, today announced a collaboration to work together to combat global climate change: beginning by taking steps to make Universal Carbon (UPCO2) globally accessible to any digital wallet or exchange that wants to offer its clients the opportunity to buy the world’s first retail-accessible carbon credit token.
In 2020 UPA launched Universal Carbon (UPCO2), the world’s first tradable REDD+ carbon credit token. Each UPCO2 Token represents one tonne of CO2 pollution averted by a certified REDD+ project preventing rainforest loss or degradation. Every Token is backed by a Verified Carbon Unit [VCU], a digital certificate issued by Verra and other international standards agencies, which allows certified projects to turn their greenhouse gas (GHG) reductions into tradable carbon credits.
With demand for carbon credits outstripping supply by a factor of 4 to 1 in 2020, according to the World Bank, the UPCO2 Token aims to democratize an important new asset class, which could lead to the establishment of a global clearing price for carbon (as today exists for such commodities as oil and gold) and more resources going directly into environmental projects.
“From the world’s leading governments and international organizations, to financial institutions and large corporations, there is an understanding that we must make effective markets for carbon credits,” said Matthew Le Merle, Chairman of UPA and Vice Chairman of SFOX. “However, for most of the world’s 8 billion people, there is no easy and efficient way for them to demonstrate their own personal commitment to make their carbon footprints neutral. This is what we are partnering to solve now.”
As with all UPA stablecoin and crypto-commodity tokens (Bitcoin Zero, Universal Gold, UPUSD, UPBTC, UPEUR), Universal Carbon is available to any digital wallet, digital exchange or indeed any entity that would like to make these powerful digital solutions available to its customers.