The Latest Cryptocurrency Taking Significant Steps To Reduce Carbon Emission

There is much speculation around blockchain and its impact on climate change and the carbon footprint that cryptocurrencies are leaving is causing widespread debate among the industry.

While this has been a global problem for many years now, branching from cars to clothes, furniture to food, in a recent study carried out by The Conference Board they found that 81% of consumers on a global scale strongly feel that companies should be doing more to preserve the environment.

A brand-new project has come to light with some very unique propositions that will effectively address global climate problems. KLIMA DAO has recently launched a carbon-backed digital currency and algorithmic climate protocol which will focus on illiquidity, opacity and inefficiency within the carbon markets.

It is not surprise that after years of rapid industrialization along with the massive growth of technology that this has taken a massive toll on the environment. While it is idyllic to think that everyone should move to cleaner and greener operations overnight, the reality is that it will take years for industries to successfully become environmentally friendly.

In the meantime, however, there are changes that can be made to ensure the steps are at least taken to get the ball rolling in order to neutralize the negative environmental impacts of certain industry activities.

Currently, in most countries, governments set a cap on the amount of carbon emissions (carbon dioxide or other greenhouse gases) a company is able to emit based on carbon credits that they hold. Not all companies emit the same amount of carbon emissions as others, so in this case, companies are able to essentially purchase carbon credits from other companies that are holding a surplus.

This has ultimately created a carbon market, and carbon offsets have become a license for companies to pollute the environment. As long as the price of carbon offsets is lower than the cost of going green, companies are not so interested and hold back from taking actionable steps to reduce their carbon footprint.

So how does KLIMA DAO plan to address this major global issue and potentially become a game-changer within the low-carbon economy, helping companies to drastically reduce their carbon footprint.