Verra, one of the world’s major carbon offset accreditors, announced on Wednesday that it will prohibit the practice of producing blockchain tokens or instruments based on retired credits.
As decarbonization commitments gain momentum, more and more companies are using carbon credits to offset their carbon emissions. When carbon credits are used and removed from the market, they are deemed as “retired.”
Several blockchain and crypto platforms that provide tokenization use Verra’s registered carbon credits and mark the credit as “retired” in the registry to avoid double counting. However, some platforms leave those credits alive.
