- Blockchain projects are unveiling initiatives at COP28 to use blockchain technology to contribute to climate change efforts through transparency and innovation.
- Organizations like Envision Blockchain and TII created blockchain platforms to digitize and track carbon credits and climate finance.
- Crypto exchanges and organizations like KuCoin and DLT Earth are donating funds or holding hackathons to support sustainability projects and develop climate assessment tools.
As the 2023 United Nations Climate Change Conference (COP28) takes place in Dubai, blockchain projects are unveiling initiatives to contribute to the fight against climate change. From carbon trading platforms to donations for sustainability efforts, crypto organizations aim to leverage blockchain technology to drive transparency and innovation in climate action.
Bringing Transparency to Climate Finance
On December 4, Envision Blockchain, the HBAR Foundation, and the United Nations created an open-source platform called Managed Guardian Service to streamline carbon markets using blockchain. Built on Hedera Hashgraph, the project digitizes measurement, reporting and verification for trading carbon credits.
On December 5, the Technology Innovation Institute (TII) revealed a blockchain platform for verifiable carbon trading. The tracking and trading platform aims to accelerate investments in sustainability efforts while protecting transaction privacy and integrity.
On December 7, Allcot, the Carbon Opportunities Fund and Tolam Earth partnered to adopt the Guardian platform and develop digital carbon credits. This provides transparency in climate finance and allows the creation of tokenized carbon credits that can be traded.
Donations and Other Contributions
On December 7, crypto exchange KuCoin donated $100,000 to projects addressing climate change and sustainable development. The funds will help provide solar lighting in Africa, protect children from pollution, and support young disadvantaged women.
Meanwhile, DLT Earth and the DLT Science Foundation planned a 12-week hackathon starting January 8 to develop digital climate assessment methodologies. This aims to bring transparency to climate market analysis.
Conclusion
At COP28 and beyond, blockchain technology shows promise for decentralizing climate action. From tokenizing carbon credits to funding sustainability projects, crypto organizations are driving innovation and transparency in the fight against climate change. Their contributions at COP28 and other climate events highlight the potential for blockchain to transform climate finance and emissions tracking.
