China’s first carbon offset blockchain launched in Tianjin

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China’s first carbon offset blockchain launched in Tianjin

Tianjin, famous for its vast oil refineries, launched China’s first carbon offset blockchain. This coincided with the development of the country’s carbon trading platform. A carbon offset is a reduction in the emission of carbon dioxide or other greenhouse gases.

The announcement was made by the Tianjin City Pollutant Control Center at a news conference on fintechs and green finance. This carbon offsetting mechanism uses Ant Group’s massive commercial blockchain, AntChain.

According to the report, through this blockchain, the city of Tianjin will be able to transparently track and review the issuance, transaction and auditing of carbon offset activities.