Financial TimesFinancial Times

Crypto and climate change: can web3 help get us to net zero?

By Siddharth Venkataramakrishnan and Camilla Hodgson

29 Aug 2022 · 9 min read

Editor's Note

You should read this Financial Times Big Read to discover how new tech ventures want to use blockchain to clean up a messy carbon market.

Last year, a British oil exploration company and a tech start-up joined forces on a project to permanently lock away untapped fossil fuel reserves in Greenland.

The idea was simple: the energy company, Greenland Gas and Oil, would not extract oil from an area on the east coast that it had exploration licences for. Instead it would monetise keeping the oil in the ground via a partnership with the tech company, Carbonbase, which works on offsetting carbon emissions.

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