JustCarbon aims to democratise climate action with innovative new platform
by Startacus Admin
JustCarbon on mission to bring cryptocurrency benefits to nature-based solutions, driving increased investment and supporting global carbon market growth.
An innovative new platform has just been launched with the aim of supporting a ‘just transition' to a low carbon economy. JustCarbon aims to democratise carbon markets and establish a transparent and effective nature-based carbon sequestration marketplace, a vital requirement in addressing global temperature rises.
Its approach is designed to support the exponential growth of the global carbon market, which is expected to rise from circa $272bn today, to $2tn by 2040. JustCarbon seeks to achieve this by improving market access, increasing liquidity, providing a clear and transparent price signal and encouraging new players to invest in climate action.
Through its unique JustCarbon Removal Unit (JCR), the platform provides climate action project developers with a simple and accessible means of monetising their removal of CO2 from the atmosphere. JCRs will only be minted from the highest quality carbon credits that have been issued from nature-based projects within the last five years by Verra (VCS) or Gold Standard and must also have an add-on certification such as CCBA (climate, community & biodiversity accreditation).
The other key innovation of JustCarbon is its governance structure. To democratise the carbon market, it will operate as a Decentralised Autonomous Organisation (DAO) ensuring no single entity or vested interest group will own or control the platform. A separate token using blockchain technology, called the JustCarbon Governance Unit (JCG), will facilitate community voting and decision making, ensuring those with the greatest commitment to climate action have the greatest say in the platform’s direction.
After a Beta phase in Q1 2022, when the platform becomes fully operational, JCGs will be donated to key stakeholders in the carbon markets enabling them to play an active role in the governance and long-term development of JustCarbon. JustCarbon will also further support the development of the market by distributing its surplus funds into projects and activities that support carbon sequestration worldwide.
The team which devised the JustCarbon platform includes Adrian Rimmer, partner in Finsbury Glover Hering, a former CEO, The Gold Standard Foundation and Senior Advisor, Green & Sustainable Finance at the London Stock Exchange Group’s Capital Markets business, Ravi Bahadursingh, Principal of the law firm of Chancery Lane Chambers, blockchain expert and a pioneering advisor within the cryptocurrency market; and Gavin Anderson, an experienced UK-based digital and marketing pioneer, who has worked with many of the world’s largest brands.
Adrian Rimmer said: “The current market has struggled to achieve its potential scale, partly due to its reliance on old technology. JustCarbon is designed to make market access simpler and more efficient for both buyers and sellers, ensuring that engaging in climate action is transparent and accessible as well as environmentally sound. By giving away ownership and operating as a DAO that is governed by a broad and diverse cross-section of the market’s key stakeholders and participants, who will determine its approach and strategic priorities, we believe we can eliminate many of the biases that have slowed the market’s growth and undermined its credibility.”
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Published on: 14th January 2022
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