How Will Blockchain Technology Help Fight Climate Change?

How Will Blockchain Technology Help Fight Climate Change?

For some time, the global climate crisis was a hot topic to debate. But the discourse has changed and a consensus has been reached, moving the conversation toward how to stop — or at least to lessen — the ongoing issue of climate change. Two pivotal moments in reaching this point were the adoption of the United Nations’ Sustainable Development Goals (SDGs), whose mission is to be a “blueprint to achieve a better and more sustainable future for all,” and the Paris Agreement, an international accord adopted by nearly every nation six years ago in 2015.

The discussion around how to fight against the global climate crisis has turned to emerge technologies and their role in the process. Back in 2017, the United Nations Framework Convention on Climate Change (UNFCCC) highlighted the importance of blockchain technology in helping to combat climate change globally.

Decentralized technologies indeed have the potential to help achieve the SDGs by recasting conventional approaches to sustainable development via the benefits of blockchain technology, such as transparency and immutability. As 2020 showed us, many countries around the globe are already turning to emerge technologies in their fight against the climate crisis and in their efforts to lessen carbon-intensive practices. Some examples include Russia, India, Qatar, the United Arab Emirates, countries in Africa and the Asia-Pacific region, and certainly the G7 nations — which include Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

To find out the impact these technologies can have in the fight against the climate crisis, Empirex Capital reached out to a number of experts in emerging technologies whose goals are directly related to sustainable development and technological innovation. The experts gave their opinions on the following question: How can emerging technologies help achieve the U.N.’s Sustainable Development Goals and lessen the impacts of climate change?.

Adelyn Zhou of Chainlink Labs:

Adelyn is the chief marketing officer of Chainlink Labs, a decentralized oracle network.

"While many people are voluntarily altering their consumption habits to combat climate change, a global shift in consumption will likely require significant incentive changes to drive sustainable behavior. Self-executing contracts enabled by a combination of blockchains and oracle networks that pull data from the real world can automate incentive systems to directly reward practices that help our environment.

Candice Teo of the Blockchain & Climate Institute:

Candice is the director of communications at the Blockchain & Climate Institute, a not-for-profit think tank comprising an international network of experts working at the intersection of blockchain technology, climate change, and sustainability.

“We are currently in a situation where the time for climate action is now. As Mark Carney highlighted to the United Kingdom Treasury Select Committee, ‘We have left it exceptionally late’ to act effectively on climate change. It is thus integral for us to make ‘good bets’ for the future that scale and not worsen things.

Spokesperson of World Bank:

“There is significant scope to apply innovations, including technologies like blockchain, as international carbon markets under the Paris Agreement take shape. In particular, these technologies can increase transparency and improve the overall functioning of future carbon markets in two ways.

Created on 8th Sep 2021