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Carbon credit markets are booming as countries around the world take action to try to mitigate the climate impact of their CO2 emissions. According to analysts at Refinitiv, the value of carbon credits traded increased by 164% in 2022, reaching a total trading volume of $851 billion.
Meanwhile, according to analysis from Coherent Market Insights, the market cap of the global carbon credit market was around $211.5 billion in 2019 and is expected to grow to over $2.4 trillion by 2027. Carbon credits allow polluters to offset their CO2 emissions by essentially funding carbon-negative projects via investments in carbon credits.
But carbon credit markets remain notoriously centralized. Big manufacturing/industrial sector players get to buy credits on mass. Big sellers, like electric vehicle (EV) maker Tesla, get to sell credits on mass. But what about individuals?
Shouldn’t there be a way for individuals to be rewarded for their climate-positive actions – such as owning and driving an electric vehicle rather than a fossil fuel car? Up until now, technology hasn’t been there to democratize access to the rapidly growing carbon credit reward market.
But a new crypto start-up called C+Charge is looking to change that. The upstart company is looking to realize a key blockchain use case by, for the first time, allowing EV drivers to earn carbon credits every time they charge their vehicle.
C+Charge – Rewarding EV Drivers With Carbon Credits
C+Charge is developing a peer-to-peer blockchain-based electric vehicle charging payment system designed to open up the carbon credit reward market to the drivers of EVs, like Tesla.
EV drivers will use C+Charge’s currently in-development app to pay to charge their vehicles. They will pay using C+Charge’s native cryptocurrency CCHG and will be rewarded with carbon credits in the form of Goodness Native Tokens (GNT), which will be stored in their account on the C+Charge app.
GNT token represents a verified voluntary carbon credit and is backed by venture capital firms a16z Crypto and Samsung Next as well as fund manager Invesco. The more EV owners charge and drive and the more CCHG they spend, the more GNT they will earn.
CCHG owners also have an opportunity to earn carbon credits passively. There is a 1% tax on all transactions that C+Charge uses to purchase GNT carbon credits and then distribute them proportionately amongst CCHG token holders.
As well as acting as a payments platform for EV charging and a carbon credit tracker, C+Charge’s application will also help users easily geolocate nearby charging stations and will offer useful information such as real-time charger wait times and charging station technical diagnosis.
C+Charge hopes that its platform can accelerate the transition to EVs around the world by resolving key problems with the current charging infrastructure – by rewarding drivers with carbon credits, by making pricing more transparent and by allowing drivers to track the operational status and wait times of nearby stations.
How to Invest
C+Charge recently opened up a presale of its CCHG token in order to fund its development and investors have been rushing to secure their bag. Indeed, a crypto whale recently banked a massive $99,000 worth of CCHG tokens in one whack, as can be verified here on per BscScan.
In just a few weeks since the project launched its presale funding round, it has already raised over $250,000. C+Charge is currently selling its CCHG token, which will power its EV charging application, for 0.013 USDT, a highly discounted price according to some analysts. Some have gone as far as claiming the cryptocurrency could 10x when it launches on exchanges in just over two months.
Investors should also be aware that C+Charge is conducting a $50,000 giveaway. Investors must hold at least $100 of CCHG on the day of the draw to be eligible to win the prize.