New plastic offset scheme introduced by blockchain startup
Blockchain Development Company (BCDC), a blockchain startup based in the UK, introduced on 14 November its new initiative that calculates of an annual plastic footprint, and allows people to offset it.
The Plastic-Offset Scheme offer businesses and families to purchase BCDC tokens that will be recorded on an immutable blockchain platform, giving stakeholders access to the information ensuring the tokens are spent on worthy projects.
“We are currently in talks with numerous plastic pollution abatement projects around the world. To partner with and invest in them, ensuring true global plastic-offset,” stated Gordon Cowan, Chief Executive of BCDC.
“It is imperative we tackle the plastic problem head on and encourage all projects involved in fighting plastic pollution to contact us and join the BCDC Global Plastic-Offset Scheme,” he added.
“We believe our initiative is a fantastic way of combating this, and every purchase of a BCDC token will allow us to grow the scheme and fight the scourge of plastic pollution.”
The total amount of plastic produced since the 1950s reaching 8.3bn tonnes and the majority of that ending in landfill.
The Ellen MacArthur Foundation has warned that by 2050, the oceans could be filled with more plastic than fish.
BCDC has mirrored a carbon offset scheme with its plastic initiative, except with the use of blockchain will alleviate any concerns regarding the verification of token credit spending.
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.