LowEmissionAsphalt-136pg-WhitePaper-May2023

P a g e | 22 In the latest Climate Change Mitigation report, 42 the United Nations describes carbon removal as “essential” to meeting our climate goals. The UN estimates as much as 10 gigatons (Gt) of carbon removal will be required by 2050. 43 Today, we are just 0.003 Gt. So, we haven’t yet scratched the surface. U.S. federal support for carbon management has risen exponentially just in the past two years. As has corporate climate commitments. Recent developments in the VCM are promoting standardized monitoring of available supply and demand in carbon markets through more robust databases and trading platforms. Blockchain transactional valuation and verification has reached the space (Figure 5) . Figure 5 – Blockchain-based Carbon Issuance 2Q22 44 Source: CarbonDirect www.carbon-directverra.com ; Verra Registry www.verra.org 42 Climate Reports | United Nations . 43 UN International Panel on Climate Change (IPCC) Sixth Assessment Report on Climate Change (2022) , www.ipcc/report . 44 Toucan is a digital exchange for carbon offset instruments.