Liverpool to offset 110% of carbon emissions through blockchain project
Liverpool is set to become the first city climate-positive city in the world as it plans to offset more than 110% of it carbon emissions from products and services.
The UK city’s council has partnered with the Poseidon Foundation, a blockchain platform firm, to use the technology to become the first climate-positive authority by 2018 and the first climate-positive city by 2020.
Liverpool City Council will launch a year-long trial to offset its carbon impact though the support of global forest conservation.
The council is also aiming to reduce its carbon impact by 40% by 2030 and has launched energy efficient projects in order to reach the goal, such as LED light installation to save 82% of energy consumption in streetlighting.
“I’m delighted we have signed this partnership agreement with Poseidon to connect Liverpool directly with climate positive projects across the globe,” stated Joe Anderson, the Mayor of Liverpool.
“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.”
“This is a ground-breaking partnership not just for Poseidon and Liverpool, but globally,” remarked Laszlo, Giricz, Founder and CEO of the Poseidon Foundation.
“For the first time, a city will use blockchain technology to go beyond rebalancing its carbon footprint – leading the way in the fight against climate change.”
“Liverpool is a trailblazer 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.”
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.