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CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)

Commonwealth Bank of Australia (CommBank) has co-developed a blockchain marketplace that it says could support sustainable development and reward landowners for protecting the environment. CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)

Created in partnership with BioDiversity Solutions Australia (BDS), the prototype platform uses digital tokens, dubbed BioTokens, to facilitate trading of biodiversity credits for the New South Wales Government’s Biodiversity Offsets Scheme.

The scheme requires developers to obtain the credits to offset the impact of development. Biodiversity credits can be generated by landholders that set up biodiversity-protection schemes on their land on their land “in perpetuity,” according to an announcement from CommBank on Wednesday.

As such, there’s a need for a transparent market for the trading of the biodiversity credits between these parties, while others – such as environmental groups or government agencies – could purchase the credits as an investment, the bank says.

BioTokens can be programmed with complex rules to automate compliance and administration, according to Sophie Gilder, CommBank’s head of experimentation and commercialisation for blockchain, AI and emerging technology. Trades on the marketplace are also “transparent and real time,” she said.

Rod Barnaby, managing director at BioDiversity Solutions Australia, explained:

“Developing a digital marketplace is part of a broader project we have been working on to help stakeholders participate in the NSW Biodiversity Offset Scheme. Our vision was to help facilitate the protection of precious environmental ecosytems, while also creating an alternative source of income for landowners and rewarding them for preserving biodiversity on their land.”

So far, no “transparent” marketplace exists to allow developers and landholders to trade biodiversity credits, according to the announcement.

Barnaby indicated that BDS and CommBank are now seeking partners to take the platform toward a commercial launch, as well as examining other use cases for the tokenized asset technology.

“Our vision is that by digitising biodiversity credits and building a marketplace where they can be bought and sold, we can invest in and protect our natural environments,” Gilder said.

Updated: 9-5-2019

Pay Crypto To Those Removing CO2 From Atmosphere, German Party Says

Germany’s Free Democratic Party (FDP) wants to pay cryptocurrency to anyone who removes carbon dioxide and other greenhouse gases from the atmosphere.

Get Paid To Fight Climate Change

According to a report by local news organization Welt on Sept. 2, the FDP recognizes that it is no longer enough to only focus on putting less carbon dioxide into the atmosphere.

It said that, if the world wants to slow down global warming, it will also need to retrieve greenhouse gases that have already been emitted.

The party in Germany’s parliament, the Bundestag, has proposed creating a new digital currency called Arbil, along with the motto: “Put CO2 on the digital chain.”

Marco Buschmann, the first parliamentary director of the FDP parliamentary group, said the project sounds technically complex at first, but is actually quite simple. He explained:

“Anyone who withdraws CO2 from the atmosphere will be paid for it. In this way, we want to reward active climate protection and promote inventiveness and innovation.”
Arbil could be valued at about $30

Arbil will receive its value through a guarantee to exchange Arbil coins for emission certificates. One Arbil coin would correspond to the certificate value for one ton of carbon dioxide, which is currently valued at approximately $30. Frank Sitta, deputy group chairman of the FDP, said:

“We want to give CO2 a price worldwide. With our blockchain concept, the national emissions trading systems can be elegantly combined.”

When read backwards, Arbil — which is based on “arbor,” the Latin word for tree — spells Libra, the name of Facebook’s cryptocurrency.

Crypto-Incentivized Climate Action

In May, the United Nations signed a memorandum of understanding with nonprofit organization W Foundation to promote global climate action projects, including compensating those who take climate action with cryptocurrencies.

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