ТОКЕНІЗАЦІЯ ЯК ІНСТРУМЕНТ ПІДВИЩЕННЯ ЛІКВІДНОСТІ РИНКУ ВУГЛЕЦЕВИХ КРЕДИТІВ
Ключові слова:
токенізація активів, вуглецеві кредити, добровільний ринок вуглецю (VCM), ліквідність, фрагментація, блокчейн, цифрові активи, віртуальні активи, DeFi, KlimaDAO, фінансовий інжиніринг
Анотація
Досліджено токенізацію вуглецевих кредитів як інструмент подолання системних дисфункцій добровільного ринку вуглецю. Показано, що традиційний ринок страждає від критичної фрагментації інфраструктури, непрозорості ціноутворення та низької ліквідності активів, що створює бар’єри для його масштабування . Проаналізовано інноваційну proof-of-concept модель на базі Toucan Protocol та KlimaDAO, яка перетворює традиційні кредити у програмовані цифрові активи (токени) на блокчейні. Доведено, що ця DeFi-екосистема продемонструвала здатність мобілізувати значний капітал (понад 17 млн тонн CO₂) та створити ончейн-ліквідність для кліматичних активів. Водночас, ідентифіковано три ключові виклики для інституційного масштабування: проблема верифікації якості базових активів, спекулятивна волатильність протокольних токенів та регуляторна невизначеність.
Посилання
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3. CoinMarketCap. (2025). Base Carbon Tonne price today, BCT to USD live price. Available at: https://coinmarketcap.com/currencies/toucan-protocol-base-carbon-tonne/ (accessed 14 November 2025).
4. CoinMarketCap. (2025). KlimaDAO price today, KLIMA to USD live price. Available at: https://coinmarketcap.com/currencies/klimadao/ (accessed 14 November 2025).
5. Deknatel, N., & van der Loos, A. (2025). The intangible technological innovation system: The role and influence of voluntary and compliance carbon markets on carbon dioxide removal in the European Union. Energy Research & Social Science, vol. 119. DOI: https://doi.org/10.1016/j.erss.2024.103851
6. Evro, S., Oni, B. A., & Tomomewo, O. S. (2024). Global strategies for a low-carbon future: Lessons from the US, China, and EU's pursuit of carbon neutrality. Journal of Cleaner Production, vol. 461. DOI: https://doi.org/10.1016/j.jclepro.2024.142635
7. First Mover Fund. (n.d.). What is the voluntary carbon market? Available at: https://firstmoverfund.com/blog/what-is-the-voluntary-carbon-market (accessed 13 November 2025).
8. Forest Trends' Ecosystem Marketplace. (2025). State of the voluntary carbon market 2025. Washington DC: Forest Trends, 96 p.
9. Gupta, A., & Mason, M. (2016). Disclosing or obscuring? The politics of transparency in global climate governance. Current Opinion in Environmental Sustainability, vol. 18, pp. 82–90. DOI: https://doi.org/10.1016/j.cosust.2015.11.004
10. Hsu, A., et al. (2020). Next-generation digital ecosystem for climate data mining and knowledge discovery: A review of digital data collection technologies. Frontiers in Big Data, vol. 3. DOI: https://doi.org/10.3389/fdata.2020.00029
11. IOSCO. (2024). Voluntary carbon markets, 52 p. Available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD774.pdf (accessed 14 November 2025).
12. KlimaDAO. (2025). KlimaDAO: A catalyst for innovation within the voluntary carbon market. Available at: https://www.klimadao.finance/resources/klimadao-a-catalyst-for-innovation-within-the-voluntary-carbon-market (accessed 14 November 2025).
13. KPMG. (2025). Integrity issues in the voluntary carbon markets: Market-based initiatives emerge to address risks. Available at: https://kpmg.com/xx/en/our-insights/regulatory-insights/integrity-issues-in-the-voluntary-carbon-markets.html (accessed 14 November 2025).
14. Mak, W. (2025). Enhancing the voluntary carbon market: Gaps and solutions. CFA Institute Research & Policy Center. Available at: https://rpc.cfainstitute.org/sites/default/files/docs/research-reports/voluntary-carbon-markets-report_online.pdf (accessed 13 November 2025).
15. Marchant, G., Cooper, Z., & Gough-Stone, P. (2022). Bringing technological transparency to tenebrous markets: The case for using blockchain to validate carbon credit trading markets. Natural Resources Journal, vol. 62, is. 2, pp. 159. Available at: https://digitalrepository.unm.edu/nrj/vol62/iss2/2 (accessed 14 November 2025).
16. Medium. (2025). Step-by-step guide: How to tokenize real-world assets and profit in 2025. Available at: https://medium.com/coinmonks/step-by-step-guide-how-to-tokenize-real-world-assets-and-profit-in-2025-47b49772f86f (accessed 14 November 2025).
17. Namoniuk, V., & Matei, V. (2025). Digital innovation in green finance: Assessing the impact of Hong Kong's pioneering initiatives in tokenized green bonds. Hong Kong Review of Belt and Road Studies, vol. 3, no. 1(6), pp. 6–22. DOI: https://doi.org/10.63596/oborjournal.3.1.2025.6-22
18. OneSafe. (2025). What are tokenized green bonds? Neo-banking for global businesses. Available at: https://www.onesafe.io/blog/tokenized-green-bonds-sustainable-investing (accessed 14 November 2025).
19. Schwahn, J. (2025). Tokenized carbon credits for investors: 2025 insights. CryptoBit Mag. Available at: https://www.cryptobitmag.com/tokenized-carbon-credits-for-investors/ (accessed 13 November 2025).
20. Science Based Targets Initiative. (2025). Target dashboard. Available at: https://sciencebasedtargets.org/target-dashboard (accessed 13 November 2025).
21. Sipthorpe, A., et al. (2022). Blockchain solutions for carbon markets are nearing maturity. One Earth. DOI: https://doi.org/10.1016/j.oneear.2022.06.004
22. Spydra. (n.d.). Tokenized green bonds: The smart way to invest in a greener future. Available at: https://www.spydra.app/blog/tokenized-green-bonds-the-smart-way-to-invest-in-a-greener-future (accessed 14 November 2025).
23. Tanveer, U., Ishaq, S., & Hoang, T. G. (2025). Tokenized assets in a decentralized economy: Balancing efficiency, value, and risks. International Journal of Production Economics, vol. 10. DOI: https://doi.org/10.1016/j.ijpe.2025.109554
24. Tlili, H. (2025). Blockchain and tokenized carbon markets: Empirical evidence on market efficiency and transaction dynamics. Sustainable Futures, vol. 10. DOI: https://doi.org/10.1016/j.sftr.2025.101109
25. Toucan Protocol. (2025). Toucan.earth. Available at: https://toucan.earth (accessed 14 November 2025).
26. Woo, J., et al. (2021). Applying blockchain technology for building energy performance measurement, reporting, and verification (MRV) and the carbon credit market: A review of the literature. Building and Environment, vol. 205, pp. 108–199. DOI: https://doi.org/10.1016/j.buildenv.2021.108199
Опубліковано
2025-11-28
Сторінки
21-29
Розділ
СЕКЦІЯ 2 СВІТОВЕ ГОСПОДАРСТВО І МІЖНАРОДНІ ЕКОНОМІЧНІ ВІДНОСИНИ
