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Blockchain technology can reduce carbon market costs

November 26, 2021
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On November 25, under the guidance of the China Banking Association and Shenzhen Local Financial Supervision and Administration Bureau. It is co-sponsored by the Internet Finance (Shenzhen) Alliance of Small and Medium-sized Banks, “Banking of China” magazine, and Shenzhen Banking Association. The Fifth China Digital Banking Forum co-organized by OneConnect was successfully held.

Chief Professor, School of Sustainable Finance and Infrastructure Transformation, University of London. Liang Xi, Secretary-General of Guangdong Southern CCUS Center, shared at the conference how digital technology can help financial institutions manage carbon emissions.

Liang Xi said. Financial institutions should pay special attention to managing climate risks and transition risks when working on climate change. Digital technology, especially information technology such as blockchain, will have a lot to do in the carbon market in the future.

On the one hand, blockchain technology can greatly reduce the cost of carbon market applications. Improve customer stickiness and loyalty. On the other hand, it also enhances the transparency of the carbon market. Improve the symmetry of information. “Blockchain-based corporate carbon trading can reliably record and transmit information flow. Realize peer-to-peer transactions between suppliers and demanders. Effectively reduce the entry barriers for carbon trading markets.”

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