A new partnership between the Liverpool City Council (LCC) and the Poseidon foundation will apparently help reduce the city’s carbon emission. In the upcoming months, the LCC will work along with the Poseidon Foundation to test a new carbon credit system which is expected to cut the city’s carbon emission, as a local publication noted.
As the whitepaper stated, the Malta-based (Poseidon) foundation uses the blockchain to “make and track the impact where it matters most – and that is forest conservation.” The nonprofit’s decentralized platform is currently being used in the UK in order to cut the carbon footprint of ice cream production.
As the LLC tweeted, the city’s ultimate goal is to become “the first World Climate Positive City by 2020.”
The Council will tap into the blockchain technology, using Poseidon’s platform to power its day to day operations – seeing Poseidon move its operations into the city as it seeks to play “a key role in Liverpool’s new climate positive strategy” according to an official press release.
The CEO of the Poseidon Foundation, Laszlo Giricz, commented:
“This is a ground-breaking partnership not just for Poseidon and Liverpool, but globally. For the first time, a city will use blockchain technology to go beyond rebalancing its carbon footprint – leading the way in the fight against climate change.”
The LCC and the Poseidon Foundation would conduct a pilot for 12 months, where tokenized carbon credits will be created and issued with the aim of offsetting the city’s climate impact by more than 110%.
Even though the goal may seem too much for a city that has over 500,000 inhabitants, LCC is confident in actualizing the goals. According to the press release, the council installed more than “15,000 energy saving LED streetlights across 2,000 streets in order to reduce the energy consumption by 82%.”
The Mayor of Liverpool, Joe Anderson, also said that this is a technology that is “first of its kind” which will help clients across the world to “reverse the causes of climate change.”
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“Through OpenSC, we will have a whole new level of transparency about whether the food we eat is contributing to environmental degradation of habitats and species, as well as social injustice and human rights issues such as slavery.”Open-SC will reportedly start operating at the World Economic Forum event in Davos, where it will be presented to world leaders. In the future, the plan is to extend beyond food to tackle areas as diverse as palm oil and timber, according to Reuters.
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