The World Economic Forum (WEF) recently published a white paper that explains how blockchains are able to provide the infrastructure needed to tackle climate change “at speed and scale”.
We just published a World Economic Forum @wef white paper detailing the valuable role of blockchain technology in the global effort to combat climate change.
— Climate Collective (@clim8collective) April 25, 2023
According According to the white paper, blockchain’s value to the climate action community can be divided into four categories. First, blockchains are able to “build confidence and ambition” in climate negotiations. It can also improve market transparency and credibility and channel more funds to project developers. Finally, the WEF wrote that digitization is “democratizing access” to climate action.
Brynly Llyr, Head of Blockchain and Digital Assets, WEF’s Crypto Impact and Sustainability Accelerator (CISA), said it was very important to consider and research emerging technologies as tools to help combat climate change. Llyr explained that:
“Global climate infrastructure, tools and coordinating technologies can all help us keep pace with the evolution of our planetary ecosystem. This is where blockchain and shared infrastructure technologies can help.”
Due to the potential of blockchain, the white paper also highlighted that industry leaders agree there is a need for “constructive regulation” that supports responsive digital climate innovation.
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Dana Gibber, CEO of blockchain climate project Flowcarbon, said it’s important for policymakers to consider the different applications of blockchains and not just the most important ones. “It goes beyond cryptocurrencies and encompasses what you can build on the blockchain,” Gibber noted.
Meanwhile, crypto exchange Coinbase is also working to fight for more regulatory clarity for the digital asset space in the United States. On April 25, the crypto platform filed a lawsuit seeking to compel the Securities and Exchange Commission on its regulatory petition which has been pending since last July. Following this, the exchange also launched a non-fungible token (NFT) campaign that called for more sensitive crypto policies.
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