Blockchain projects push to decentralize climate markets
As the 2023 United Nations Climate Change Conference (COP28) takes place in Dubai, United Arab Emirates, many projects have joined the climate action effort by launching blockchain-powered initiatives.
From November 30 to December 12, diplomats and leaders from around the world are gathering at Dubai Expo City to advance action on climate action. Among those who attended the event, they believe blockchain projects have the power to contribute to climate action efforts.
From trying to transform waste management using blockchain technology to tracking carbon emissions, blockchain projects are joining the effort to save the environment as the world's most important climate summit kicks off.
Bringing transparency to climate finance
On December 4th, Envision Blockchain and the HBAR Foundation partnered with the United Nations to create a new decentralized set of technologies to streamline the carbon market. Together, the organizations have announced an open source managed watchdog service platform that focuses on digitized and digital measurement, reporting and verification (DMRV) for carbon markets.
The United Nations Climate Change Global Innovation Hub and Vision developed the platform and built it on Hedera Hashgraph. The project aims to transform carbon markets using blockchain technology.
On December 5, the scientific research center Technology Innovation Institute (TII), an applied research pillar of the Abu Dhabi Advanced Technology Research Council (ATRC), unveiled a blockchain-powered platform that enables verified carbon trading. The project aims to play a critical role in green investments and accelerate the path to net zero.
Dr. Najawa Araj, TIA's principal researcher, said in a press release that the tracking and trading platform “ensures auditability and transparency while protecting transaction integrity and user privacy, making it the perfect tool for the new era of self-confident carbon trading.”
According to the announcement, the platform will allow the creation of tokens that represent the amount of carbon dioxide removed from the environment. These symbols can be saved and sold. The platform aims to encourage investment in green projects such as forestry and carbon capture. With blockchain, TII points out, it is possible to track and trace products throughout the entire supply chain journey.
On December 7, a partnership between three organizations, Allcot IO, Carbon Opportunities Fund and Tolam Earth, revealed the initiative to create digital carbon credits. In an announcement to Cointelegraph, the companies highlighted that the partnership aims to create a sustainable future and promote transparency in climate finance.
Through this collaboration, the companies will adopt the Guardian open source platform powered by Hedera's distributed ledger network. One of the initiatives involved developing conservation-friendly environmental assets. Assets will have proven digital features that allow for tracking evidence to support the assertion that projects have tangible and positive environmental outcomes.
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In addition to bringing transparency to climate finance, other organizations are making diverse contributions to the climate action effort. On December 7, crypto exchange KuCoin announced a contribution of $100,000 to several projects to fight climate change and sustainable development.
The fundraiser has donated funds to the Global CSR Foundation, the American Medical Women's Association (AMWA) and the Sunlight Project for African Children. The projects will use the money to protect babies and children from pollution, provide solar-powered lights in Africa and help young women in social difficulties.
Meanwhile, other organizations plan to continue their efforts after the COP28 summit. On December 6, DLT Earth announced a hackathon event to develop digital climate mechanisms. To bring more transparency to climate market assessments, the DLT Science Foundation (DSF) has partnered with HR to host a 12-week virtual hackathon starting January 8.
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