The World Bank wants to direct the NFT craze towards projects that cut emissions and improve the transparency of carbon offset markets
The World Bank’s International Finance Corporation (IFC) division has launched a project to use blockchain to register carbon removal projects and to turn carbon credits into tokens for cryptocurrency investors to speculate with.
Following several instances of cryptocurrency enthusiasts buying carbon credits which don’t do much good for the climate, this project’s backers want to keep those buyers but steer them onto carbon credits which have been verified by organisations like Verra and Gold Standard.
Steve Glickman, an Obama-era White House official whose company Aspiration is part-funding the project, told Climate Home that “we haven’t seen nearly as much capital and nearly as many institutional investors… that we need to see to have the kind of impact on nature-based carbon removal and reduction strategies that are required for us to hit net zero...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...