Cambridge-built carbon credit marketplace will support reforestation efforts worldwide


11-11-2021
Light through the trees_   View of forest  Credit: kazuend via Unsplash

A new Cambridge centre will bring together computer scientists and conservation scientists to build a trusted marketplace for carbon credits and support global reforestation efforts, the first initiative of its kind in the UK.

The Cambridge Centre for Carbon Credits (4C) - based in the Department of Computer Science and Technology, and the University of Cambridge Conservation Research Institute - has two primary goals: to support students and researchers in the relevant areas of computer science, environmental science, and economics; and to create a decentralised marketplace where purchasers of carbon credits can confidently and directly fund trusted nature-based projects.

The Centre will build its decentralised marketplace on the energy-efficient Tezos blockchain because it operates sustainably and allows third parties to verify all transactions, in line with the Centre’s vision to support a sustainable future through technology. The goal of the marketplace is to exponentially increase the number of real nature-based conservation and restoration projects by channelling funding towards them via market-based instruments.

Nature-based solutions, particularly forests, have a vital role to play in mitigating the worst effects of climate change. Pressure is mounting from governments and the public to rapidly roll out a global programme of well-executed nature-based solutions (NbS) to sequester several gigatons of carbon each year and protect biodiversity. However, current NbS projects are hampered by chronic underfunding.

“Current accreditation systems that measure and report the value of carbon and related benefits like biodiversity conservation and poverty reduction rendered by NbS are costly, slow and inaccurate,” said Centre Director Dr Anil Madhavapeddy. “These systems have undermined trust in NbS carbon credits. What is needed is a decentralised marketplace where purchasers of carbon credits can confidently and directly fund trusted nature-based projects. And that’s the gap the Centre is aiming to fill.”

The Centre will support 12 PhD students and postdoctoral fellows, and investment to prototype a scalable, trusted NbS marketplace. Researchers funded from the Centre will come from the Departments of Computer Science and Technology, Zoology, and Plant Sciences, as well as from the Centre for Doctoral Training in Artificial Intelligence for the study of Environment Risk.

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Image: View of forest

Credit: kazuend via Unsplash

Reproduced courtesy of the University of Cambridge

 

The University of Cambridge is acknowledged as one of the world's leading higher education and research institutions. The University was instrumental in the formation of the Cambridge Network and its Vice- Chancellor, Professor Stephen Toope, is also the President of the Cambridge Network.

University of Cambridge (cam.ac.uk)