Liverpool City Council has signed a new agreement with the Poseidon Foundation to help offset its carbon emissions.
The year-long trial is intended to help Liverpool become the first local authority in the UK to become ‘climate positive’ by the end of 2018. This means that the city will help remove more carbon dioxide from the atmosphere than it emits each year.
Finance start-up Poseidon will incorporate its block chain technology into the council’s day-to-day operations to help offset more than 110 percent of its emissions.
The sum of Liverpool’s entire carbon emissions is first priced and the cost passed on to purchase carbon credits, certificates which are tradable and internationally recognised in financial markets. The non-profit will use these credits to support forestry conservation projects to reverse the environmental impact of the city’s every day activities, particularly its carbon intensive shipping and aviation sectors.
If the trial is successful the council will utilise the technology to become climate positive across the whole city by the end of 2020.
Joe Anderson, Mayor of Liverpool, said: “I’m delighted we have signed this partnership agreement with Poseidon to connect Liverpool directly with climate positive projects across the globe. Poseidon’s technology is the first of its kind to truly deliver a solution to governments, businesses and individuals around the world to help reverse the causes of climate change and I am thrilled this agreement will bring this cutting-edge technology to our city.”
Poseidon has also agreed to work with local schools and businesses to develop ways to cut their own carbon emissions. This will help council meet its commitment to reduce its emissions by 40 percent by 2030.
Laszlo Giricz, founder and CEO of Poseidon, said the “ground-breaking” partnership was a first for both the city and the world.
“Liverpool is a trail blazer and a shining example to other cities in the UK and across the world on what can be achieved through harnessing the power of technology to meet one of humanity’s greatest challenges. And now that it is clear that our platform is fully scalable, it is time for other cities to take action.”