Blockchain
The World Economic Forum (WEF) recently published a white paper explaining how blockchains are able to provide the necessary infrastructure to fight climate change “at speed and scale”.
We just published a white paper from the World Economic Forum @wef detailing the valuable role of blockchain technology in global efforts to combat climate change.
Thanks @ToucanProtocol @BL4SG_ and over 60 ReFi organizations who contributed to this research!https://t.co/RUwb9Z5Ipy
— Climate Collective (@clim8collective) April 25, 2023
According to the whitepaper, blockchain’s value to the climate action community can be broken down into four categories. First, blockchains can boost confidence and ambition in climate negotiations. It can also improve market transparency and credibility and channel more money to property developers. Finally, the WEF wrote that digitization democratizes access to climate action.
Brynly Llyr, the head of blockchain and digital assets, at WEF’s crypto impact and sustainability accelerator (CISA), said it is very important to consider and explore emerging technologies as tools to tackle climate change. Llyr explained that:
“Global climate infrastructure, tools and coordination technologies can all help us keep pace with our changing planetary ecosystem. This is where blockchain and shared infrastructure technologies can be useful.
Due to blockchain’s potential, the white paper also highlighted that industry leaders agree that there is a need for “constructive regulation” that supports responsive digital climate innovation.
Related: The CEO of Circle blames the US crackdown on crypto on the declining USDC market cap
Dana Gibber, the CEO of the Flowcarbon blockchain climate project, said it is important for policymakers to consider the various applications of blockchains and not just the most prominent ones. “This goes beyond cryptocurrencies and includes what you can build on blockchain,” Gibber noted.
Meanwhile, crypto exchange Coinbase is also making an effort to fight for greater regulatory clarity for the digital asset space in the United States. On April 25, the crypto platform filed a legal action that aims to compel the Securities and Exchange Commission to comply with its regulatory petition that has been pending since last July. Following this, the exchange also launched a nonfungible token (NFT) campaign calling for more sensible crypto policies.
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