Combatting Carbon Emissions! The International Chamber of Commerce (ICC) teams up with an Ethereum-based platform.

The International Chamber of Commerce (ICC), the world's largest business organization, will utilize a blockchain platform built on Ethereum to launch a network for managing and trading carbon credit quotas, marking a significant milestone in the real-world application of blockchain technology.

The International Chamber of Commerce (ICC), established in 1919, is a globally renowned business organization with a century-old history. It is one of the largest and most representative commercial organizations in the world, boasting thousands of members from over 130 countries, including entities across various sectors.

According to reports, the International Chamber of Commerce is collaborating with AirCarbon and blockchain company Perlin to develop an Ethereum-based carbon trading platform for AirCarbon and promote global adoption.

This partnership was initiated during the United Nations Climate Change Conference (COP 25) held in Madrid this year, aiming to reduce global aviation carbon emissions through market-based mechanisms.

AirCarbon is a Singapore-based commodity exchange that tokenizes carbon credits of various airlines into tradable Eligible Emission Units (EEUs) on a blockchain framework based on Ethereum ERC20 and ERC721 tokens, thereby reducing global carbon dioxide emissions and mitigating climate change.

Through the trading of carbon credits, airlines that require more emissions allowances can purchase credits from other companies. By incorporating carbon emissions into their financial costs, the credit system can incentivize airlines to reduce their carbon footprint.

According to the report from the non-profit organization Center for Biological Diversity, if the "civil aviation industry" were a country, its carbon emissions would rank seventh globally, just behind Germany. The International Chamber of Commerce also notes:

By 2050, carbon emissions from the civil aviation sector are expected to more than double. Between 2016 and 2050, global aviation is estimated to generate 4.3 billion tons of carbon dioxide emissions, representing over 4% of the world's carbon emission budget.

The International Chamber of Commerce emphasizes the significant historical importance of this collaboration, aiming to lead the industry and address the increasingly severe climate crisis before reaching irreversible and catastrophic global warming tipping points.

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