TRST01 (TrayamBhu Tech Solutions Pvt. Limited), a leading blockchain solution provider, has launched carbon offset NFT token Bhu: (In Sanskrit, Bhu: means earth)
To commemorate Earth Day, TRST01 has listed “Bhu” NFT, which is “Made in India” and the country’s first non-fungible real-world carbon offset token, on the OpenSea Marketplace.
Bhu is an NFT representing 1000 kg of carbon sequestration or a carbon credit, which is a tradable asset in the real world.
The size of the carbon offset market is expected to increase from the current $4-5 billion to $400-650 billion by 2030. The world is moving towards carbon neutrality at a faster pace and there is a gap between the supply and demand, which will grow by 2025.
Based on the Polygon blockchain, Bhu NFT aims to solve an important problem of the carbon offset business through the use of Blockchain technology.
Previously, carbon offsetting was only used by industry players who wanted to offset their carbon emissions. Now people can buy and sell carbon credits using this non-fungible token.
Speaking on the occasion, Dr Srikanta K Panigrahi, Director General of Indian Institute of Sustainable Development said: “Nature has the power to regenerate itself. Yet, due to excessive extortion on nature, the earth’s average temperature has exceeded the tolerance limit of 1.2 degrees centigrade. We have lost more than 30% of our biodiversity; agricultural productivity has declined and so many others are linked to the increase in the temperature of the earth. I am very pleased that TRST01 zero has planned such an auspicious occasion to launch its first carbon break, to engage with five essentials (Pancha Maha Bhutas), and blockchain is such a critical technology that enables trust and transparency in the ecosystem. he added that with the release of the first carbon token, we are celebrating the earth and the Pancha bhutas”
Speaking on occasion, Mr. Jayesh Ranja, Principal Secretary and IT Secretary – Telangana Government said, “It is very nice to see how the TRST01 team came up with a new idea for Carbon Credit NFT. He said gamification is the best way to change the societal habit towards climate change. He further stated that Telangana State is aggressively promoting emerging technology and Web3.0 ecosystem in the state.
Speaking on the occasion Prabir Mishra, co-founder and CEO of TRST01, “Highlighted on the importance of end-to-end Blockchain traceability on carbon sequestration. and NFT tokenization will further enhance the value of the climate ecosystem. He said the world is moving towards carbon neutrality at a faster pace and there is a gap between supply and demand, which will widen significantly by 2025.
Dr. Srikanta K Panigrahi, Director General, Indian Institute of Sustainable Development, New Delhi, National Climate Change Mission Member and Policy Advisor, was the chief guest of the event. At the same time, Mr. Jayesh Ranjan, IAS and Principal Secretary of the Government of Telangana, was the guest of honour. Dr. Prvaeen Rao, Vice Chancellor, PJTSAU, was the special guest; Among other dignitaries, Dr. Kalpana Sastry, MD AgHub, Dr. Alok Rai, COO, CoE for and Mr. Kishore Butani attended this online event.