Microsoft used blockchain technology to buy carbon credits from the ground in Australia. In combination with the Regen Network, which is based on the Cosmos blockchain, the CarbonPlus Grassland credits were initially awarded to two ranches in New South Wales.
Carbon credits are used as a measure of soil binding, at which atmospheric carbon dioxide is captured and stored in the soil. This is achieved through Regen Network’s remote sensing technology and is also intended to help monitor animal welfare, soil health, and the overall health of the ecosystem.
As part of an initiative by natural capital firm Impact AG before Microsoft bought it, Wilmot Cattle Co was issued a total of 43,338 tons of carbon credits.. Wilmot ranchers reportedly increased soil organic carbon levels on their land by up to 4.5%, achieved through controlled grazing. The ideal concentration of organic carbon in the soil should be 4% to 6%.
Microsoft announced in 2020 that it would try to reduce its carbon footprint to zero by 2030. Additionally, Microsoft is striving to eliminate a volume of carbon equal to the volume it has been responsible for since it went live in 1975.
Christian Shearer, CEO of Regen Network, welcomed the initiative, adding that it raised hope for the concept of natural approaches to combating climate change.
“Our collaboration with Impact Ag and Wilmot Cattle Co gives us more hope than ever that agricultural and nature-based solutions to climate change are not only real, but also have the potential to quickly sequester carbon and make our systems more resilient. Food” so Shearer said, adding: “The extent to which Microsoft is buying carbon credits should give all of us hope that organizations can and will be a catalyst for change.”