Exclusive-World Bank's IFC taps blockchain for carbon offsets


FILE PHOTO A tree that is about to be planted is seen during a reforestation project in Nova Mutum Brazil February 19 2020. Picture taken February 19 2020. REUTERSAlexandre MeneghiniFile Photo

FILE PHOTO: A tree that is about to be planted is seen during a reforestation project in Nova Mutum, Brazil, February 19, 2020. Picture taken February 19, 2020. REUTERS/Alexandre Meneghini/File Photo

LONDON/NEW YORK (Reuters) - International Finance Corp (IFC), a World Bank affiliate, told Reuters on Wednesday it is backing a blockchain-enabled platform to trade carbon offsets, aiming to attract more support from institutional investors for climate-friendly projects in emerging markets.

It is a bet that using blockchain - a digital database with information that can be publicly shared within a large decentralised network - will boost the use of carbon offsets to a greater extent than more traditional methods.

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