The World Economic Forum (WEF) has published a white paper that highlights how blockchain technology can help fight climate change at a rapid pace.
The paper states that blockchain technology can improve market transparency, credibility, and funnel more funds to project developers, while also democratizing access to climate action.
The value of blockchain in addressing climate change can be classified into four categories, according to the WEF. Firstly, it can strengthen trust and ambition within climate negotiations.
Secondly, it can help improve market transparency and credibility, thereby making it easier to track the impact of climate projects. Thirdly, it can help direct more funds to project developers, and lastly, it can help democratize access to climate action.
Brynly Llyr, the head of blockchain and digital assets at WEF’s Crypto Impact and Sustainability Accelerator (CISA), emphasized the importance of exploring emerging technologies to address climate change.
Llyr stated that blockchain and shared infrastructure technologies can help us keep pace with our changing planetary ecosystem, and therefore play an essential role in the fight against climate change.
According to the white paper, the potential of blockchain in addressing climate change has led industry leaders to call for “constructive regulation” that supports responsive digital climate innovation. Dana Gibber, the CEO of blockchain climate project Flowcarbon, urged policymakers to consider various blockchain applications and not just the most prominent ones.
Meanwhile, cryptocurrency exchange Coinbase is also fighting for more regulatory clarity in the digital asset space in the United States.
The platform has filed a court action that aims to compel the Securities and Exchange Commission to act on its rulemaking petition, which has been pending since July 2021. Additionally, Coinbase has launched a non-fungible token campaign that advocates for more sensible crypto policies.
In conclusion, the potential of blockchain technology in addressing climate change has been recognized by the World Economic Forum, which has published a white paper highlighting how the technology can provide the necessary infrastructure to fight climate change.
WEF Climate Change Whitepaper
Industry leaders are calling for “constructive regulation” that supports responsive digital climate innovation, and it is important for policymakers to consider various blockchain applications beyond just the most prominent ones. Finally, Coinbase is making efforts to fight for more regulatory clarity in the digital asset space, advocating for more sensible crypto policies through its non-fungible token campaign.