This quarter will see the start of trade for the first tokens issued by Africa’s first emission reduction platform, which tracks emissions reductions via a decentralised public ledger.
The platform, dubbed CYNK, will reportedly use the Hedera hashgraph and tokens created by Tamway Corporation, Kenya’s largest biomass energy producer, according to a report by Bloomberg News.
According to Bloomberg, the company that intends to practise renewable farming on 50,000 hectares (123,550 acres) of land in Kenya and a blue carbon project will provide the credits for the decrease.
Blue carbon, which would otherwise be released into the atmosphere, is stored in ocean and coastal systems and is referred to as regenerative agriculture.
Emission reduction credits are a technique for businesses and organisations to increase revenue by reducing carbon emissions brought on by their operations or environmental measures.
Launch of Africa’s first emission reduction platform
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