Welcome to the Future of Carbon Trading
In a world where environmental concerns are hitting the headlines harder than that unfortunate cat video you watched last night, AirCarbon has stepped up to the plate with a game-changing platform. Officially launched during the Asia Clean Energy Summit in 2019, this tokenized carbon credits trading platform is primed to revolutionize how firms like airlines manage their carbon liabilities.
What’s in a Token?
AirCarbon isn’t just blowing hot air; they’ve developed a digital exchange that provides firms with the ability to buy and sell tokens linked to carbon offset credits, known as Eligible Emission Units (EEUs). Each token corresponds to a whole tonne of CORSIA-compliant carbon credits, making it easier than ever to cut those pesky emissions. Senior Minister of State Koh Poh Koon even made the first token, probably while thinking of how he can finally convince his friends that his job is cooler than it sounds.
Full Launch Set for 2020
While the platform is currently operational, AirCarbon is still in the process of securing that golden ticket: the recognized market operator license from the Monetary Authority of Singapore. They plan to go into full swing in 2020. According to their website, they’re “a Singapore regulated digital exchange focused on servicing transportation industry stakeholders’ carbon liability under ICAO’s CORSIA regime.” That sounds fancy, doesn’t it?
Money for Nothing?
One intriguing aspect of AirCarbon’s model is the AirCarbon Registration Facility initiative, which aims to subsidize the registration and auditing fees for certain EEUs. In exchange for this financial aid, carbon offset project developers must commit to trading their credits on AirCarbon’s platform. It’s like a reality TV show where the prize is lower fees and a commitment to environmental responsibility.
“We aim to make the AirCarbon token the easiest and most streamlined instrument for the trading of CORSIA EEUs globally,” says Edwin Khew, AirCarbon’s chairman.
Support from Singapore’s Government
The initiative has received a pat on the back from the Sustainable Energy Association of Singapore (SEAS) and Enterprise Singapore. They are optimistic about the platform and see it as crucial for the growth of sustainable business practices. Satvinder Singh, the assistant chief executive officer at Enterprise Singapore, remarked that the demand for EEUs is bound to rise due to society’s increasing emphasis on sustainability. Who knew being sustainable could also be so… profitable?
