DJ Digitizing Carbon Credits Through Blockchain: How CNB is Making It Possible
EQS Newswire / 28/06/2023 / 08:38 UTC+8 Digitizing Carbon Credits Through Blockchain: How CNB is Making It Possible A new asset, similar to Bitcoin, is rapidly emerging in the market. Carbon Neutrality Blockchain (CNB) made its debut on the LBANK exchange on October 12, 2022, with an initial listing price of USD 0.1. Due to its unique concept and limited supply, it has gained significant popularity, with its price surging to USD 3,500. Despite the recent turbulence in the cryptocurrency market, including the LUNA incident involving Do Kwon in South Korea, the FTX meltdown, and the US Securities and Exchange Commission's potential lawsuit against Binance, CNB's upward momentum remains unimpeded. The reason behind CNB's success lies in its similarity to Bitcoin's tokenomics, with both having a maximum supply of 21 million units. As a result, savvy investors who recognized this potential have been gradually accumulating CNB over the past year. However, CNB is not yet as well-known as Bitcoin, and as such, its current price may still be undervalued. Although CNB shares the same supply limit as Bitcoin, CNB is unique in that it is closely related to the fate of billions of people. As a blockchain project that invests in carbon-neutral projects, CNB was created with the aim of digitizing carbon credits through blockchain technology to enhance the efficiency of carbon credit trading. Climate change has prompted 195 countries to join the Paris Agreement, which aims to limit global warming to 2 degrees Celsius by 2030. However, the world is still facing a 15 billion tonne CO2 emissions reduction gap, and this large gap is expected to drive a sharp rise in carbon credit prices. The Global Carbon Neutrality Capital (GCNC) was established to invest in state-approved carbon credits. As a GCNC project, CNB aims to invest in carbon-neutral assets recognized by countries worldwide. Its native token CNB is issued based on investments in carbon-neutral projects. Carbon credits will be digitized using blockchain technology and traded through CNB units, meaning that one CNB unit is associated with one unit of carbon credit sold to the public. Thus, CNB is closely linked to global attention on carbon emissions, and its relevance cannot be ignored. Given the crucial link between carbon credits and the fate of our planet, influential billionaires are taking notice and taking action. One such billionaire is Elon Musk, who may be best known as a supporter of Dogecoin (DOGE), but is also a fervent believer in carbon credits. In fact, Musk's electric car company Tesla (TSLA) set a new record in 2022, with carbon credit sales reaching an impressive USD1.78 billion, surpassing even the profits of General Electric Company (GE) in the same year. Moreover, Musk and the Musk Foundation have funded the XPRIZE Carbon Removal, a competition aimed at addressing the greatest threat facing humanity: the fight against climate change and the need to rebalance Earth's carbon cycle. While Musk's interest in Dogecoin may be limited to tweeting about it, his commitment to carbon offsetting is both financial and personal. While Bitcoin remains the most prominent cryptocurrency in the market, serving as the market leader, as the 2030 deadline approaches, more people are discussing carbon emissions, and more attention is being paid to CNB. Despite both being limited in supply, Bitcoin only serves as a store of value, whereas CNB is tied to carbon credits. In today's world, where ESG considerations are emphasized, will sovereign wealth funds and multinational corporations choose to invest in Bitcoin or CNB? It remains to be seen. File: Digitizing Carbon Credits Through Blockchain: How CNB is Making It Possible 28/06/2023 Dissemination of a Financial Press Release, transmitted by EQS News. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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(END) Dow Jones Newswires
June 27, 2023 20:38 ET (00:38 GMT)
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