In a recent report, the Red Cross revealed that global warming was a greater threat than even the ongoing Covid-19. According to the organization, there have been at least 100 climate change-related disasters since the WHO declared the pandemic. If measures aren’t taken now to combat the phenomenon, it will have a medium to long term impact on human life here on earth. This desire to offer a solution that aids global warming has led to the birth of MOSS, a blockchain-based carbon credits platform that helps individuals and companies offset their carbon emissions by purchasing tokenized credits.
MOSS Carbon Credit Solution
MOSS is the first blockchain-based platform that has tried to combat climate change by making it easy for different parties to access carbon credits easily and in a transparent manner. Thus, making what historically has been a complex process riddled with bureaucracy and high transaction costs simple and easy to track. Carbon credits are digital certificates that prove a given entity has avoided the emission of CO2 into the atmosphere with one credit equal to a ton of CO2 offset.
MOSS serves as a building block where other like-minded projects can build additional applications that improve preserving climate change and the industry. The startup sources its carbon credits from credible Amazon conservation projects and has tokenized them through its MOSS carbon credits (MCO2) token, with each token equivalent to one ton of CO2 avoided.
MOSS launched its operation earlier this year and, within eight months, has managed to buy and sell over 950,000 tons of carbon credits valued at around $25 million. This has made MOSS the largest carbon platform globally and its MCO2 token the largest carbon credit tokenization project in history.
Individuals Can Also Hold Carbon Credits and Get Compensated in the Future
MCO2 token isn’t only for companies engaged in CO2 emissions into the atmosphere but also for individuals who wish to hold carbon credits to compensate their carbon footprint in the future.
MOSS’s innovation has made it easy to trade carbon credits and access them, and the market is enormous. Each year about 55 billion tons of CO2 are released into the atmosphere, and only 11 billion tons are compensated, leaving a deficit of 44 billion tons. To combat the increasing pollution, the UN set a few guidelines that different sectors had to abide by and target they had to meet each year to offset their CO2 emissions. Still, as statistics show us, a lot more needs to be done to cover the enormous deficit.
That’s how the voluntary market players who provide companies and other entities with carbon credits were born. A platform like MOSS believes the solution to combat climate change and preserve the planet lies with the private sector. And through tokenization of carbon credits by issuing MCO2 tokens, the platform has been able to increase trackability and security of carbon credit transactions. Since the MCO2 token went live, $10 million in token sale proceeds has been sent to Amazon Forest conservation projects, helping them expand their operation by over 300 hectares, an area four times the size of New York City.
In total, within eight months, MOSS has helped preserve about one million hectares, an area equivalent to a small country like Qatar or Jamaica. Its token has also gained mass popularity among companies and individuals alike due to the vast market potential. MCO2 sits in the top 200 on coinmarketcap.com with a market cap of over $40 million and can be accessed on FlowBTC and soon will be available in other leading cryptocurrency exchanges.
The 20% or 11 billion tons of CO2 emissions compensated cost around $250 billion each year. That is huge, but if all the 55 billion tons are covered, that will create a $1.3 trillion global industry for carbon credit providers. MOSS believes this void can only be filled by the private sector players whose processes are more efficient and well audited. The voluntary market has remained stagnant over the past 20 years and solely manages to offset 100 million tons annually worth around $300 million. That’s a meager 1% of the global compensation.
It’s the reason why MOSS has sought to operate in Brazil. This nation holds 40% of the global tropical forests and can certify about 1.5 billion carbon credits annually. By doing so, environmental projects based in the Amazon can get an injection of around $60 billion each year, helping them expand and sustain their operations to better global climate. The capital injection doesn’t only help the projects but will also boost the Brazilian economy.
To ensure it achieves its huge goals, MOSS has set itself up in a nation with the cheapest carbon credits, making it affordable for different entities to access these credits. And through tokenization has simplified and made the process open for anyone to view and follow through.
And most importantly, to ensure its credits and operations are credible and highly trusted, the platform employs the auditing services of the best in the industry, including Perkins Coie, CertiK, and Armanino.