IBM Japan has partnered with Mitsubishi Heavy Industries (MHI) to develop a solution, CO2NNEX, that uses blockchain technology to track the capture and re-usage of CO2. Mitsubishi will be responsible for the physical infrastructure that captures the CO2 and IBM will be in charge of the digital platform to trace it. According to the Nikkei, MHI plans to create a marketplace of buyers and sellers to be piloted in 2022.
Excessive emissions of CO2 are one of the most immediate challenges that need to be addressed to combat climate change. Various regulations have been put in place by governments and international agreements to limit the amount of CO2 that companies can emit in production, and many organizations are aiming to achieve carbon neutrality.
The issue is that many companies have not discovered a way to eliminate CO2 emissions, which has led to the emergence of carbon markets, where companies trade their limited rights to CO2 emissions. Another emerging area is CO2 Capture, Utilization and Storage (CCUS).
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