Celo adds voluntary carbon credits to promote environmental sustainability
Celo, an open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone, today announced it is the first blockchain to incorporate natural-backed assets into its reserve. By collaborating with environmental platform Moss, Celo is advancing its mission to create a currency that not only facilitates economic transactions, but also protects natural resources and the environment.
Following the passing of an on-chain governance proposal, 0.5 percent of the Celo Reserve will be allocated to MOSS MC02 tokens—the first high-quality carbon credit asset. These blockchain-based tokens are issued on a 1:1 parity on Celo, meaning that one token represents legal ownership of one carbon credit. The carbon credits go through a rigorous, independent auditing process before they’re issued by the Verified Carbon Standard offset registry to ensure the carbon reductions are real and transparently verifiable.
Moss, the largest environmental platform in the world, provides carbon credit transactions to anyone who wants to offset their emissions, and has a publicly available ledger for any holder to check and audit at any time.
“Our collaboration with the Celo Foundation will bring us one step closer to achieving our common goals to democratize finance and promote environmental sustainability,” said Luis Felipe Adaime, CEO and founder of Moss. “Global warming is creating a crisis that could have irreversible effects. We believe technology can help us solve this urgent problem and that it’s possible to both develop economics and preserve the environment.”
“Our current financial system prioritizes near-term economic sense and production over long-term ecological wellbeing, driving the need for a system that actively addresses environmental issues rather than dismissing them as mere externalities,” said Sep Kamvar, co-founder of Celo. “Celo’s mission is to create a better, more accessible form of money that can be used by communities around the world, and protect the environment while doing so. We expect our collaboration with MOSS to be the first of many high-quality carbon credit assets added to the Celo Reserve.”
Celo is a mobile-first, open-source ecosystem of technologies, organizations and individuals that all share a common mission of building a financial system that creates the conditions for prosperity for everyone. The Celo ecosystem includes a decentralized, proof-of-stake blockchain technology stack (Celo Platform), a native asset (CELO), stablecoins (cUSD, cEUR), and the Celo Alliance for Prosperity, with over 150 organizations around the world, including Deutsche Telekom, Opera, Andreesen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to growing and developing the Celo ecosystem. For more information, please visit: https://celo.org/