The World Economic Forum (WEF) has published a white paper discussing the potential benefits of blockchain technology in the global fight against climate change. The paper highlighted the four key areas where blockchain could be particularly valuable to the experts and enthusiasts working on climate change.
We’ve just published a World Economic Forum @wef whitepaper detailing blockchain technology’s valuable role in the global effort to fight climate change.
Thanks @ToucanProtocol @BL4SG_ and more than 60 ReFi organizations that contributed to this research!https://t.co/RUwb9Z5Ipy
— Climate Collective (@clim8collective) April 25, 2023
The paper discussed four benefits of blockchain to climate change initiatives, which are:
- Increased trust and ambition in climate discussions,
- Enhanced market credibility and transparency,
- Attracting more funding to project developers
- Democratized access to climate action initiatives.
The white paper highlighted that industry experts believe “constructive regulation” is crucial to encourage responsive digital climate innovation in light of blockchain’s potential. Regulators must work closely with blockchain and other emerging technology firms to create a regulatory environment that promotes innovation while ensuring consumer protection and market stability.
The paper concluded by stating that the rapidly developing intersection of blockchain and climate innovation has the potential to scale global climate action and support progress toward global decarbonization. However, it is essential to understand the potential and constraints of blockchain technology and bridge the knowledge gap with the pace of invention.
Brynly Llyr, the head of blockchain and digital assets at WEF’s Crypto Impact and Sustainability Accelerator (CISA), co stressed the importance of exploring emerging technologies as tools in the fight against climate change. Llyr also noted the need to consider the importance of infrastructure, instruments, and coordinating technologies in addressing the planet’s evolving ecology.
The blockchain community has responded positively to the white paper. Crypto and blockchain evangelist Giacomo Arcaro expressed delight at blockchain technology’s unexpected contribution to the preservation of the planet. In his words; “it is surprising to see that blockchain, which originated with cryptocurrencies, is now becoming eco-friendly! Who could have predicted that this technology would end up contributing to the preservation of our planet?“
According to another contributor to the paper, Dana Gibber, CEO of the blockchain climate initiative Flowcarbon, policymakers should consider the full range of blockchain applications, beyond just cryptocurrencies, in the global fight against climate change.
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