Microsoft is currently using blockchain technology to purchase carbon credits In Australia. Connected to the Regen Network – built on the Cosmos blockchain – CarbonPlus Grassland credits have so far been awarded to two ranches in New South Wales.
Microsoft on the carbon credit market
Carbon credit is the general term for any tradable certificate or permit representing the right to emit one tonne of carbon dioxide or an equivalent amount of another greenhouse gas. In practice, they are used as a measure of soil sequestration, the process of capturing atmospheric carbon dioxide and storing it in soil. In this particular case, this is achieved thanks to Regen Network’s remote sensing technology. All this helps, among others in monitoring animal welfare, soil health and the overall health of the ecosystem.
A total of 43,338 metric tonnes of carbon dioxide emission allowances have been allocated to Wilmot Cattle Co. All this as part of an initiative initiated by the capital company Impact AG. It is worth adding that it happened before Microsoft bought it. Wilmot farmers reportedly increased the concentration of soil organic carbon on their land to 4.5 percent. The ideal concentration of organic carbon in soil is considered to be 4 to 6 percent.
Fight for the environment
Microsoft announced in 2020 that it will aim to reduce its carbon footprint to zero. The company aims to achieve this by 2030. What’s more, the company also aims to eliminate the amount of carbon dioxide it has been responsible for since it began operations in 1975.
Regen Network CEO Christian Shearer praised the initiative.
– Our work with Impact Ag and Wilmot Cattle Co. gives us more hope than ever that not only are agricultural and natural solutions to climate change real, but can also quickly sequester (trap) carbon and increase the resilience of our food systems Shearer said and added that “The scale at which Microsoft buys carbon credits should give us all hope that business can and will be a catalyst for change” in the fight for a clean environment.