Launch of World’s First Green Currency for CO2 Emissions Trading
Oct 19 2020 Read 628 Times
Amper Holding, a specialist in renewable energy solutions and services, has announced the launch of the world’s first virtual currency for emissions trading by private individuals, made avaliable through an app.
What sets CO2IN apart from other virtual currencies, is that is based on a real economy value, namely linked to the price of emission allowances within the European Union Emission Trading System (EU ETS) at a fixed rate of 100 CO2IN for 1 allowance. This means that by purchasing 100 CO2INs, one tonne of CO2 will be withdrawn from the market and prevented from being produced by the industry. CO2IN is intended to widen the impact of the EU ETS system by accelerating the withdrawal of allowances from the market.
“The most impactful way to protect the climate is one that is seamlessly integrated into both everyday life and business. CO2IN gives individuals an effective tool to participate in combating climate change and companies may use it to reduce their carbon footprint,” explains Jan Palaščák, CEO of Amper Holding. “Municipalities can also employ CO2IN to reach carbon neutrality, and indeed there is a demand among many European cities for such a tool.”
Although CO2IN is primarily intended for the EU market, it theoretically allows anyone and companies from all over the world to participate. Consequently, CO2IN helps to extend the EU's Emission Trading System beyond its borders and contributes to fairer global trade in line with the concept of the EU's carbon border tax.
“After all, every ton of CO2 not produced is good news for the planet, no matter in which part of the world it was saved. And in the face of progressing climate change, every ton counts,” Jan Palaščák points out.
Following the reform of the EU ETS in 2018, the price of a single emission allowance tripled to around EUR 15 per ton of CO2. It has been growing since, and is currently worth approximately EUR 25. Since the number of traded allowances is reduced annually in order to gradually limit the production of CO2 by European industry, CO2IN is a deflationary currency that is comparable, albeit in this respect only, to Bitcoin.
The demo version of the app is available at www.co2in.com, currently for iOS only. The Android version will be published in November, and the live version is expected to be ready in March 2021.
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