Nobody can deny that the weak climate deal agreed at COP26 will only serve to slow down, rather than curb altogether, the world’s trajectory toward environmental disaster. A study by Climate Action Tracker – revealed that even if all the pledges announced at COP26 are met, temperatures are still projected to rise by 2.4°C by the end of the century, far exceeding the 1.5°C. As research shows, an increase of even 2°C would lead to the destruction of 99% of the world’s coral reefs, and render large swathes of the Middle East too hot for human habitation. One thing is clear: in order to avert this fate, we not only need to take action now, but also urgently need clarity about what exactly the right course of action is to take.
Many have touted achieving carbon neutrality as the key to remedying the climate crisis. India’s recent pledge to become carbon neutral by 2070 was met with widespread approbation, while in the wake of COP26, 60 of the UK’s FTSE 100 signed up to the United Nation’s Race to Zero campaign. Even McDonalds has recently unveiled their first net-zero restaurant—a move that only serves to cement the idea that carbon neutrality is the goal we should all be working towards.
Yet this goal does not go far enough. To tackle climate change, we need to aim higher than carbon neutrality and strive instead for carbon negativity. That is, instead of simply aiming for an equal balance between the carbon dioxide we emit into the atmosphere and the amount we remove, we need to remove more carbon than we emit.
The reason for this is simple. Recent research suggests that humans have already emitted around 2500bn tonnes of carbon dioxide since 1850, burning through over 86% of the allotted carbon budget needed to stay under 1.5°C of warming. Given the exponential rate at which we are tearing through the carbon budget, simply aiming for carbon neutrality will likely not be enough to slow this trajectory, or else will leave us dangerously little margin for error. Instead, we need to make it our mission to actively—and rapidly—work to remove more carbon from the environment than we put in.
So how can we attempt to hit carbon reduction?
While countries battle with the economic and political considerations of their carbon reduction strategies, the burden of responsibility strongly lies with the large multinational corporations to proactively reduce and mitigate their emissions. Not only are these companies disproportionately responsible for global carbon emissions, but they also have the money and power to actively contribute to the reduction of carbon in the atmosphere.
The voluntary carbon market offers a credible solution allowing companies to purchase carbon offset credits to mitigate their carbon output. These tokens are generated by a reduction in emissions made by a voluntary project, such as planting trees. With 1 token representing, for example, 1 tonne of carbon emission reduction, this measurable unit allows companies to know exactly how much they are offsetting and gives them the ability to go above carbon neutral targets and actively contribute to reducing emissions globally.
At Cyberdyne Tech Exchange (CTX), we’re focused on setting a new standard for the carbon marketplace, by ensuring that investors can access best in class, authenticated and immutable carbon removal and reduction credits in the form of tokens. Our Carbon Neutrality Token (CNT) accurately records and reports the performance of the underlying asset, meaning companies and entities committed to a more sustainable future can better demonstrate their positive effect on the environment.
We know that as this issue becomes more critical to the fight against climate change, and that as regulators seek to enhance the standards around such schemes, it will be imperative to future-proof your investments. CTX’s CNT solves the problem of ‘double-counting’ in the voluntary carbon markets and can give buyers and sellers the confidence that their efforts are insulated against manipulation and charges of greenwashing. Any reduction or removals attached to our carbon tokens are verified and rated by internationally recognised and respected agencies to ensure the integrity of the voluntary carbon market.
With access to high integrity, reliable credits backed by verifiable projects, the voluntary carbon market can truly scale to meet demand and have a real positive impact on the environment. The growth of the voluntary carbon market ultimately enables green projects and innovation to get off the ground – providing financing for technology and research to make carbon reduction more efficient and effective. Products like the CNT enable participants to fully trust the impact of their carbon offsets, encouraging greater engagement in the voluntary carbon market, and in turn more accountability for carbon reduction.
To adequately address global warming, carbon negativity must become the new carbon neutrality, and carbon negative our new normal. We implore corporations to align our mission and commit to making a more sustainable and greener tomorrow possible, today.