While many businesses and organizations support taking environmentally-conscious actions like offsetting their carbon emissions, the largest carbon credit marketplace remains locked to all non-EU businesses and organizations.
Carbon Credit Technology, a blockchain-based climate tech project which provides access to the regulated EU Emission Trading System (ETS), is partnering with the UK’s largest Esports community SideQuest Gamers Hub to offset its entire 2022 UK operation’s carbon emissions.
SideQuest purchases 50,000 CCT tokens to offset 50 Tonnes of Carbon, the amount needed to make the group Carbon Neutral. 50 Tonnes of CO2 is like 1 car on gasoline driving 7.5 trips around the world and will require 2500 trees to grow for one year to capture it.
Zhaorong Chen, CEO of SideQuest Gamers Hub, said:
“At SideQuest we aren’t just doing this for good publicity, we are passionate about taking care of the environment, and any initiative we can take to contribute to reducing carbon emissions is worth it.”
CCT is the first and only cryptocurrency backed by European Union Allowance (EUA), the most traded carbon credits in the world, enabling non-EU businesses like SideQuest to unlock access to the EU ETS and level up their climate action game.
Commenting on the partnership, Zhi, Founder and CEO of CC Technology, said:
“It is important for us at CC Technology to collaborate with businesses that genuinely care about the environment and understand the importance of achieving net-zero carbon emissions in the not-too-distant future.”
The company purchases carbon credit certificates, which it then tokenizes into CCT tokens on the eco-friendly Algorand blockchain. Each CCT represents one kilogram of European carbon allowances. CC Technology is part of the World Economic Forum (WEF) crypto sustainability coalition, working with 70+ organizations to shape the future of crypto sustainability.
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