OpenEarth happens to be extremely pleased to make its official announcement of having forged a mutually beneficial partnership with UC Berkeley. This enormous step has been taken with the prime aim and intention of being in the position of assisting companies in making improvements on the means they adopt for investing in sustainability. Now that both of these entities have come together, they will be engaging in the deliverance of a Chainlink carbon pricing oracle.
This will be effective in providing the exact social pricing of carbon related to blockchains. With the proper utilization of the absolute latest scientific models for the calculated estimates of the social pricing of carbon, the to-be-delivered carbon pricing oracle will help companies to lessen their climate effect. This, in turn, will be achieved by correctly putting a price on their carbon emissions.
Basically, it has been observed that the carbon credits, which stand for the price related to a unit of carbon dioxide reducer, have been responsible for being the solution in the case of companies searching for ways and means of lessening their own climate effect and in the investments made in sustainability. Yet, it so happens that the market evaluation of carbon credits does not always expose the complete social and economic effect of carbon emissions.
In this case scenario, companies are not able to make correct investments related to sustainability in order to address their ESG commitments. The requirement here is calculating the actual and exact cost of carbon emissions.
The social cost of carbon (SCC) considers the expected economic liability connected with every added ton of carbon dioxide emissions. Connected factors happen to be the effect on the health of humans, agriculture, and the overall environment. This is the reason why it is now the prime climate metric available which pushes policy steps to assist in the lessening of harmful factors related to climate change.
For the measurement of the social cost of carbon, the requirement is for an internal carbon pricing tool. By attaching a price on carbon emissions, companies will be in a better position to ascertain the proper ways of lessening their effect on the environment and adapting low-carbon business methods.
Where OpenEarth Foundation is concerned, it is a non-profit organization in the building and utilization of open-source digital systems, seeking answers to handle climate change and problems related to the environment. To achieve this, it uses blockchain, IoT, and AI technology to build multi-stakeholder solutions that pass through the process of ideation, proof-of-concept, prototypes, and commercial pilot.
According to the Founder and Executive Director of OpenEarth Foundation, Dr. Martin Wainstein, the Chainlink oracle node will be able to provide assessment models on-chain, which will update to show changes like a company’s carbon emissions. On the other hand, Chainlink happens to be the measurement for the Web3 services platform, which has helped trillions of dollars in terms of transaction volume all over DeFi insurance, gaming, NFTs, and more prime industries.