Crypto and climate change: can web3 help cleaning up carbon markets?

Summary

Does web3 offers an opportunity to re-start carbon markets? Last year, Greenland Gas and Oil energy company agreed to not extract oil from an area on the east coast that it had exploration licences for. Instead it would monetise keeping the oil in the ground via a partnership with the tech company, Carbonbase. The partnership aimed to sell NFTs, digital collectibles that come with ownership certificates, linked to the unexplored land. Profits would then be used in part to compensate the energy company and the oil would stay underground.

Many new initiatives focus on the booming market for carbon offsets. They have soared in popularity in the past 18 months.