Carbon Credit Technology, a blockchain-based climate tech project opening access to the regulated EU Emission Trading System (ETS), partners with leading UK esports group SideQuest Gamers Hub. Through the partnership, SideQuest purchases the necessary amount of CCT tokens needed to offset its entire carbon footprint for its UK operations in 2022.
Sixty-three percent of UK citizens believe businesses should take immediate action to counter climate change. Data from CDP indicates companies with outlined public renewable energy or greenhouse-gas reduction targets improve their competitive positioning and compliance. While many businesses and organizations support taking environmentally-conscious actions like investing in carbon credit markets, a mechanism helping ween the world of carbon, the largest carbon credit marketplace—the EU’s ETS—remains locked to all non-EU businesses and organizations.
The partnership with CC Technology enables SideQuest Gamers Hub, the UK’s largest esports community with more than 75,000 active members, to become carbon neutral by purchasing enough CCT tokens to cover its entire UK operations for a year. CCT is the first and only cryptocurrency backed by European Union Allowance (EUA), the most traded carbon credits in the world, providing access to the EU ETS. CC Technology helps non-EU businesses like SideQuest invest in carbon-reducing initiatives that contribute to the battle against climate change.
CC Technology leverages blockchain technology to promote an action-based solution to achieve the goal of net-zero carbon emissions by 2050 and recently joined the World Economic Forum’s Crypto Sustainability Coalition. The company purchases carbon credit certificates, which it then tokenizes into CCT tokens on the eco-friendly Algorand blockchain. Each CCT represents one kilogram of European carbon allowances. All tokens were minted at the genesis and will be distributed according to a predefined schedule, enabling retail consumers and small businesses, who have until now lacked access to the EU ETS market, the opportunity to take part.
“We are beyond elated to work with the UK’s largest esports hub, empowering them to become carbon neutral,” says Zhi, Founder and CEO of CC Technology. “It is important for us at CC Technology to collaborate with businesses that genuinely care about the environment and understand the importance of achieving net-zero carbon emissions in the not-too-distant future.”
“We are really impressed with CC Technology’s project, and saw working with them as a great way to become carbon neutral,” says Zhaorong Chen, CEO of SideQuest Gamers Hub. “At SideQuest we aren’t just doing this for good publicity, we are passionate about taking care of the environment, and any initiative we can take to contribute to reducing carbon emissions is worth it.”