Denby McDonnell, Program Manager, Climate Innovation at Ecotrust Canada and Blockchain for Climate Foundation, presented the exciting launch of the BITMO Platform. Here she speaks at the Climate Chain Coalition Press Conference on November 9, 2021, held at the 2021 United Nations Climate Change Conference in Glasgow, Scotland.
The BITMO Platform is an innovative tool to help countries achieve their climate goals. The BITMO Platform allows signatories to the Paris Agreement to issue and exchange carbon credits as non-fungible tokens (NFTs) on the Ethereum blockchain. While countries negotiate at COP26, the BITMO Platform stands by to enable a quick start of international carbon trading under the Paris Agreement.
The BITMO Platform will provide accounting and exchange infrastructure necessary under Article 6 of the Paris Agreement, connecting demand for emissions reductions with the best climate action opportunities around the world. Countries signatory to the Paris Agreement may help fulfill commitments to reduce emissions by purchasing BITMOs from proven emissions reductions achieved elsewhere. The BITMO Platform is a secure record of issuance, transfer, and retirement for each country’s Internationally Transferred Mitigation Outcomes (ITMOs) that can be reconciled with National Carbon Registries and meet future UN requirements. BITMOs make all relevant data publicly available and are settled immediately when exchanged, helping avoid double counting of emissions reductions.
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