You’ve Bought an EV But How Do You Earn the Carbon Credits? This Crypto Will Help – Where to Invest
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Electric vehicle (EV) earners will soon, for the first time, have the opportunity to earn carbon credits every time they charge their car. That’s thanks to C+Charge, a new start-up that is building a crypto-based electric vehicle charging payments platform designed to democratize the carbon credit markets in favor of EV owners and improve the charging experience.
C+Charge hopes that by rewarding EV owners with carbon credits when they charge, it can bring a new wave of EV buyers to the space. Given the pace of recent growth in the carbon credit market, as countries race to address climate change, C+Charge could be a big hit. 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. But the carbon credit market has a big problem. Its centralization and concentration.
The carbon credit market remains dominated by big players and remains largely inaccessible to individuals. 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. Up until now, technology hasn’t been there to democratize access to this rapidly growing market. But C+Charge is looking to change that by harnessing the power of the blockchain.
What is C+Charge?
C+Charge is developing a peer-to-peer blockchain-based payment system designed to open up the carbon credit reward market to the drivers of EVs, like Tesla.