OneConnect Launches Blockchain Integrated Dual Carbon Innovation Lab

OneConnect Financial Technology Co. Ltd. has announced the launch of the Innovation Laboratory of Carbon Emission Governance Blockchain and Energy Technology (the “Dual Carbon (carbon peaking and carbon neutrality) Innovation Laboratory”).

The white paper on blockchain empowering “Carbon Peaking and Carbon Neutrality” discussed blockchain as a service across various areas such as carbon emission reduction, carbon trading and carbon supervision.

China-based OneConnect, a leading Technology-as-a-Service provider for financial institutions, said that the Dual Carbon Innovation Laboratory aims to learn how to integrate blockchain technology and the dual carbon economy.

“Blockchain technology will play a key role in promoting dual carbon. For example, the industry has to live up to carbon emission inspections. It is necessary to ensure the authenticity, credibility and effectiveness of basic data,” the Chinese national high-tech enterprise said.

Along with OnceConnect, other founding members include China Mobile Research Institute, China Quality Certification Centre and Sinochem Environment holding Co. Ltd.

According to OnceConnect, a carbon trading platform designed to run on blockchain technology can “support point-to-point” and “business-to-business” trading services, while also providing transactions that are fast, credible and automatic.

Following the Dual Carbon Innovation Laboratory launch, OneConnect said that it plans to further explore application scenarios for achieving dual carbon within the finance sector. The plan also includes creating a structural carbon-reduction monetary policy tool to help collect and manage carbon emissions-related data.

OneConnect’s expertise includes financial services in AI, Big Data Analytics, Blockchain and Financial Cloud.

The company said that with the experience it has gained via blockchain technology and dual development, “the Company is cooperating with members to create standardized products in “Blockchain and Energy/ Dual Carbon” to help meet dual carbon goals and contribute to ESG development.”