“Trade as NFT by reducing the carbon footprint of cows”… Beef cattle carbon credit market opens [CES 2023] > NFT_News KDCA(한국데이터공인인증원)

Lee Hak Melience CEO and Chonbuk National University professor explains the beef cattle carbon emission monitoring platform 'Cow Carbon' at 'CES 2023' held in Las Vegas, USA on the 7th (local time). Las Vegas = Correspondent Binnansae

 

Melience, led by Lee Hak-hak, a professor of animal biotechnology at Chonbuk National University, was founded in 2021 as an on-campus venture at Chonbuk National University. The goal is to respond to climate change by contributing to the 'net zero (carbon neutral)' of the livestock industry. It also has a branch in Kirkland, the world's largest beef market, the United States.

Melience was the first to develop an algorithm that accurately and inexpensively measures the amount of carbon emitted in the process of raising cattle. According to Melience, greenhouse gases such as carbon and methane emitted by livestock account for 14.5% of global emissions. However, efforts to reduce this have rarely been made. This is because even the measurement of emissions, which is a prerequisite for activating carbon reduction activities, has not been properly performed.

 

Professor Lee said, “In the past, there was no incentive to measure the carbon footprint of a single cow because it was costly and less accurate. "We created an algorithm that calculates carbon emissions based only on gender and date of birth."

An official from Melience explains the beef cattle carbon emission monitoring platform 'Cow Carbon' at 'CES 2023' held in Las Vegas, USA on the 7th (local time). Las Vegas = Correspondent Binnansae

 

Melience uses this algorithm to certify whether the cows of farms that have made efforts to reduce carbon are really 'low-carbon cows'. For example, if the carbon emissions of a cow slaughtered by farmhouse A in Korea are lower than the global average, it is certified as 'low-carbon Korean beef'. Melience last October. It has joined the 'Global Sustainable Beef Council (GRSB)', in which about 500 large livestock and distribution companies, such as McDonald's, Walmart, and Cargill, related research institutes, and associations participate.

 

A notable point is that this 'low carbon certification' is converted into a non-fungible token (NFT), opening a market so that farmers can sell it in the form of voluntary carbon credits. An economic incentive structure was designed to encourage farmers to work more actively to reduce carbon by capitalizing on the results of decarbonization activities.

 

Farmhouses that have received low-carbon certification can sell carbon credits at a price of $10 per ton of reduction through CowCarbon. Melience is a structure that receives a portion of sales as a commission. Melience explains that transactions are made on a blockchain network and transparency is guaranteed.

 

Professor Lee said, "The reason why the voluntary carbon credit market has not been formed in the livestock industry so far is because of the difficulty in measuring carbon emissions and the opacity of transactions, but Cow Carbon can solve these problems at the same time." Melience's goal is to halve the carbon emissions of cows worldwide by 2030.

Large corporations with a high demand for carbon credits and financial companies that have stepped into the rapidly growing voluntary emission rights market are paying attention to Melience early on.

On the 5th (local time), the first day of the opening of CES 2023, Hyundai Oilbank President Joo Young-min visited the Melience booth. President Joo is said to have expressed interest, saying, "I want to purchase emission rights when cow carbon is established." Japan's SMBC Bank also toured Melience's booth on the same day and proposed investment discussions.

As governments tighten the reins on carbon emissions management to achieve the goal of 'carbon neutrality by 2050', demand from companies to buy carbon credits is rapidly increasing. Hana Securities KB Securities Korea Investment & Securities NH Investment & Securities SK Securities sees the rapidly growing emission rights market as its next food source and is preparing to voluntarily broker carbon emission rights.

 

 

 

Professor Lee said, "We are also discussing the 'No. 1 emissions trading' with a fashion company in the United States." He was confident that "If an economic incentive structure is provided for livestock farmers through low-carbon certification tokenization, voluntary decarbonization activities will speed up." .

추천0