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Climate Backed Tokens (CBTs) form the key environmental unit of exchange on Changeblock. Ownership of 1 CBT represents ownership of one tonne of carbon abatement from a batch of environmental credits/ offsets that share the same provenance. For example, 1000 CBTs could each represent one tonne of a pool of 1000 tonnes of climate assets generated from a specific methane capture project over a certain time period.
New CBTs are created when Changeblock brings new climate assets into its blockchain network; the number of CBTs created is equal to the tonnage of the CO2 offset acquired. All blockchain transactions, including those involving the creation and transfer of CBTs (and CBLKs) are publicly viewable. Using a block explorer (such as etherscan) users can indepenently confirm the transfer of assets.
During the creation of a new CBT, a smart contract stores a reference to a data-packet that has been uploaded to a distributed file system.
CBTs can accommodate both compliance and voluntary climate assets.
The data-packet will mirror the terms of a standard emissions reduction purchase agreement and contain information including but not limited to the following:
● Quantity and price of emissions reductions to be delivered
● Delivery and payment schedule of emissions reductions
● Consequences of non-delivery
Customers must satisfy our risk screening.