DR Congo Opens Up Oil Auctions to Crypto and Carbon Firms

The Democratic Republic of Congo is opening oil and gas licensing auctions up to crypto and carbon firms that would keep fossil fuels in the ground and sell coveted carbon credits instead.

The DRC, a country of 92 million, is not a major producer, churning out a mere 25,000 barrels of crude oil per day . Last month, 27 blocks of territory were put up for an oil exploration auction, with two of them overlapping Virunga National Park, home to some of the world’s last mountain gorillas, and the Cuvette Central, the world’s largest peatland. That move has revitalized ecological concerns that have previously stalled exploration. «We’re not doing this to destroy the rainforest, we’re doing it for economic gain,» Budimbud added.

Less clear is how carbon firms will compete. «I can’t imagine a traditional carbon credit developer raising the funds to be able to bid,» Ben Rattenbury of carbon credit rating start-up Sylvera told the FT, adding buying land or exploration could be a «catastrophic cash flow problem» for a carbon credit firm.

Read the original article.

Source: Jennifer | The Daily Upside

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post Ethereum Foundation Makes It Clear The Merge Will Not Improve Fees and Throughput
Next post Qatari National Blockchain Blueprint Spotlights Benefits of the Technology to Country’s Economy