![]() ![]() These outfits have been buying and transforming credits into “digital tokens” that can be traded on the nearly trillion-dollar crypto market. Last year, for example, the ITF Beach Tennis World Cup canceled out 16 tonnes of CO2 emissions linked to its tournament in Rio de Janeiro by buying credits issued from the FSM project.īut in recent years, a growing share of FSM’s credits have been snapped up not to allay the carbon pollution of concrete operations like sports competitions but to back assets created by a new player in the carbon market: cryptocurrency firms. He was declared dead at 3pm.ĭe Quadros Lima was no ordinary logger - he was a tiny cog in a complex supply chain linking corporations seeking to offset their climate-change footprint with financial firms trading digital tokens derived from the conservation work he died doing.įlorestal Santa Maria (FSM), the forest protection project where the Brazilian worked in Mato Grosso state, covers about 71,000 hectares (175,449 acres) of land, which generated hundreds of thousands of carbon credits in 2021.Ĭarbon projects like FSM are created in areas at risk of deforestation - and in exchange for protecting the trees, which absorb planet-heating carbon dioxide (CO2) as they grow, carbon credits are awarded in proportion to the tonnage of CO2 stored.Ĭompanies like airlines or tech firms and individuals can buy and then “retire” these credits, using them to offset greenhouse gas emissions from their own activities.ĭemand for carbon credits has risen in line with corporate targets to cut emissions to net zero, to curb climate change. RIO DE JANEIRO/LOS ANGELES, Sept 13 (Thomson Reuters Foundation) - For logger Roberson de Quadros Lima, May 17, 2021, was a day like any other, spent deep in the jungle near Colniza, a town in Brazil’s Amazon rainforest, cutting down a large tree in a sustainable timber operation.īut as it fell, entangled vines pulled down a huge branch from another tree nearby, catapulting it in his direction and crushing his chest. * Top certification body suspends tokenization, seeks a solution * Market veterans doubt quality of offsets used, emissions claims ![]() * Crypto players create digital tokens based on carbon credits ![]()
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