Wednesday, 28 February 2024

Crypto News

Blockchain projects make push to decentralize climate markets

Blockchain projects make push to decentralize climate markets

As the 2023 United Nations Climate Change Conference (COP28) takes place in Dubai, United Arab Emirates, many projects participated in the climate action effort by launching blockchain-powered initiatives.

From Nov. 30 to Dec. 12, diplomats and leaders from across the globe are gathering at Dubai’s Expo City to advance initiatives in climate action. Among those who participated in the event were blockchain projects, which believe that blockchain technology has the power to contribute to the climate action effort.

From trying to transform waste management to tracking carbon emissions using blockchain technology, blockchain projects joined the effort to save the environment as the most significant climate summit in the world commenced.

The Green Zone at the COP28 UAE event held at Expo City Dubai. Source: Cointelegraph

Bringing transparency to climate finance

On Dec. 4, Envision Blockchain and the HBAR Foundation partnered with the United Nations to create a new suite of decentralized technology to streamline the carbon markets. The organizations collectively announced the open-source Managed Guardian Service platform focusing on digitized and digital measurement, reporting and verification (dMRV) for carbon markets. 

UN Climate Change Global Innovation Hub and Envision developed the platform and built it on Hedera Hashgraph. The project aims to transform the carbon markets using blockchain technology.

On Dec. 5, scientific research center Technology Innovation Institute (TII), the applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), unveiled a blockchain-powered platform that enables verifiable carbon trading. The project aims to play a vital role in green investments and accelerate the road to net zero emissions. 

Dr. Najwa Aaraj, Chief Researcher at TII, said in a press release that the tracking and trading platform “protects the integrity of the transactions and the privacy of the user while ensuring auditability and transparency, making it a perfect tool for a new era of confident carbon trading.”

According to the announcement, the platform will allow the creation of tokens representing a quantity of carbon dioxide removed from the environment. These tokens can be stored and traded. The platform aims to incentivize investing in green projects such as forestation and carbon capture. With blockchain, the TII noted that tracking and tracing products throughout their entire supply chain journey would be possible. 


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