Abu Dhabi Launches Blockchain-Based Carbon Tracking and Trading Platform
Summary:
Abu Dhabi-backed Technology Innovation Institute has launched a new blockchain-based carbon tracking and trading platform, revealed during the latest United Nations Climate Change Conference (COP28). The platform facilitates global trading of carbon tokens tied to green project investments. Along with peer-to-peer energy trading, waste disposal tracking, and forestry management, the system allows users to generate tokens representing the amount of CO2 removed from the atmosphere. The launch is part of the UAE's commitment to lead the global climate action agenda and move towards a sustainable environment.
A research institute linked to the Abu Dhabi government has unveiled a new carbon tracking and trading platform powered by blockchain technology. This initiative is part of the United Arab Emirates' (UAE) wider strategy to reduce emissions and achieve net zero. The sophisticated platform, revealed at the latest United Nations Climate Change Conference (COP28) on December 5, facilitates the global trading of carbon tokens. These tokens are tied to green project investments, such as reforestation and carbon capture.
The Technology Innovation Institute’s (TII) Cryptographic Research Center developed this platform. This innovative blockchain system can record carbon emissions from any public or private organization across the globe. The TII, which operates under the banner of Abu Dhabi’s Advanced Technology Research Council, plays an essential role in moving forward the "UAE Vision 2021". This ambitious national project aims to fortify its economy and establish a sustainable environment conducive to a desirable standard of living.
The platform allows users to generate tokens that correspond to a specified amount of carbon dioxide captured and removed from the atmosphere. Furthermore, feedback on these tokens can be tracked throughout their supply chain journey. This blockchain system's key applications are expected to revolve around peer-to-peer energy trading, monitoring waste disposal and recycling activities, and overseeing reforestation programs. Auditors will ensure the platform operates with total transparency and security.
TII opted for an efficient, lightweight blockchain implementation, thereby avoiding substantial computational waste. Hence, trading can be conducted at minimal to zero cost. Dr. Ray O. Johnson, TII's CEO, voiced his immense pride in the release of this digital platform. He regards this breakthrough as a milestone in the UAE's journey to becoming a global technological powerhouse, acknowledging the country's commitment to steering the global climate action agenda.
Blockchain technology has seen considerable use in creating and administering carbon credits for several years. Additionally, blockchain networks are increasingly striving to cut their energy consumption. For instance, the Solana Foundation has created its own tool to track carbon emissions on the Solana network in real-time. Ethereum transitioned from proof-of-work to proof-of-stake in September 2022, effectively reducing its energy usage by over 99.9%. Simultaneously, Bitcoin miners are progressively adopting renewable energy sources to mitigate emissions. Among the blockchain projects focusing on delivering decarbonization solutions are Power Ledger (POWR) and Energy Web (EWT).
The COP28 event, which began on November 30 in Dubai, will conclude on December 12. It's noteworthy that the push for more transparency in supply chains is a strong demand from environmentally conscious consumers.
Published At
12/7/2023 3:30:42 AM
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