eCarbon is a blockchain-based business that aims to democratize access to carbon emission allowances. It closed its first funding round last week. The terms of this round are not disclosed, but proceeds will go towards the development of a new blockchain technology that will allow users to access carbon emission allowance products via the blockchain.

Joshua Fernando, CEO and co-founder of eCarbon commented on the initiative.

It is becoming increasingly difficult for people outside of the European Union to access blockchain-based carbon emission allowance products. These products can allow them to take part in programs like the European Union Environmental Trading System. People who are not located in the European Union and want to participate in European carbon emission allowance programs have found it difficult. […]eCarbon’s mission is to make it easier to access these carbon emission allowance programs.

Growing concerns over global warming have given birth to the concept of “carbon offset,” aka offset credit. A carbon offset, which is generally defined as a reduction of greenhouse gas emissions or increased carbon storage via land restoration and tree plantings, refers to either a lower or greater amount of greenhouse gas (GHG), emitted or a higher level of carbon stored.

Under an emissions cap-and trade program, carbon allowances can be issued by government. They allow the owner permission to emit one-tonne of pollutants such as carbon dioxide equivalent.

eCarbon argues it is virtually impossible for most individuals or firms to access carbon emission credit markets. The company uses blockchain technology and other digital assets to increase access. The company is currently developing software that will allow more people to take part in the carbon emission allowance program.

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