Blockchain Initiatives Lead the Charge at UN Climate Conference 2023
Summary:
During the 2023 United Nations Climate Change Conference, numerous blockchain initiatives were launched to enhance climate action efforts. Among these initiatives were projects aimed at revolutionizing waste management, carbon market streamlining, tracking carbon emissions, and verified carbon trading. Crypto exchange KuCoin contributed to the cause by donating $100,000 towards various sustainable development projects. Plans to sustain climate action efforts were announced for post-COP28 as well, including a virtual hackathon event to refine climate market assessments.
During the 2023 United Nations Climate Change Conference (COP28) held in Dubai, United Arab Emirates, numerous initiatives made use of blockchain technology to enhance climate action efforts. From Nov.30 to Dec.12, global leaders convened in Dubai's Expo City to propagate and advance climate initiatives. Among the attendees were blockchain projects, firmly standing on the notion that blockchain could bolster climate action endeavours. Blockchain technology was employed in ventures ranging from waste management transformation to carbon emission tracking.
Envision Blockchain and the HBAR Foundation aligned with the United Nations on Dec. 4 to develop a fresh array of decentralized technology aimed at streamlining carbon markets. This new platform, branded as Managed Guardian Service, focuses on digital measurement and reporting for carbon markets. Constructed on Hedera Hashgraph, the platform is set to revolutionize the carbon markets landscape.
On Dec.5, Abu Dhabi's Technology Innovation Institute (TII) launched a verifiable carbon trading platform enabled by blockchain. The institute suggested this introduction would usher in a new era for green investments, streamlining the path to zero emissions. According to TII's announcement, this platform would administer the creation of tokens equivalent to removed carbon dioxide quantities from the environment. These tokens could then be traded and stored, promoting investments in green ventures such as forestation and carbon capture.
A trio of organizations: Allcot IO, the Carbon Opportunities Fund, and Tolam Earth unloaded an initiative to create digital carbon credits on Dec.7. The key tenet of this pact aims to encourage a sustainable future and enhance transparency in climate finances. The cooperating bodies intend to use Hedera’s distributed ledger network to power the Guardian open-source platform, spawning environmental assets compatible with Guardian.
Crypto exchange KuCoin also joined the fray, funneling a donation of $100,000 towards numerous projects promoting climate change mitigation and sustainable development on Dec.7. These funds were allocated to the Global CSR Foundation, American Medical Women's Association (AMWA), and the African Children’s Solar Lamp Project, supporting pollution protection efforts for kids and infants, lighting up Africa with solar-powered lights, and aiding socially disadvantaged young women.
In the aftermath of the COP28 summit, other organizations have declared intentions to sustain their efforts. On Dec.6, DLT Earth announced a 12-week virtual hackathon event to begin on Jan.8 aimed at refining climate market assessments through the development of digital climate strategies.
Published At
12/7/2023 4:32:49 PM
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