The crypto and blockchain projects joined hands with the UN Climate Change Conference in Dubai. It reveals intentions of focusing on contributing to the fight against climate change.
Several projects have come together to support climate action at the 2023 UN Climate Change Conference (COP28) in Dubai, UAE. These initiatives by blockchain technology, indicate a strong intention to contribute to the fight against climate change. Dubai’s Expo City is hosting the United Nations Climate Change Conference from Nov. 30 to Dec. 12, where diplomats and leaders from different parts of the world are coming together to take climate action initiatives.
Blockchain Projects to Play a Part in Fighting Climate Change
As the most significant climate summit in the world kicked off, blockchain projects rallied to play their part in fighting climate change. From revolutionizing waste management to utilizing blockchain technology for tracking carbon emissions. Thereafter, these initiatives joined the effort to save the environment.
Partnership Between Envision, HBAR Foundation, and United Nations to Fight Against Climate Change
On Dec. 4, a partnership between Envision Blockchain and the HBAR Foundation built a suite of decentralized technology with the United Nations. This joint effort aims to streamline the carbon markets. Moreover, promotes the use of digitized and digital measurement, reporting, and verification (dMRV) for carbon markets. Thereafter, they announced an open-source Managed Guardian Service platform. It is a significant step towards contributing to the fight against climate change.
Envision and the UN Climate Change Global Innovation Hub collaborated to create a platform on Hedera Hashgraph that aims to leverage blockchain technology to revolutionize the carbon markets. Moreover, the project intends to transform the tracking and management of carbon emissions through the use of decentralized technology. It can contribute significantly to the fight against climate change.
TTI Creates a Tool for Confident Carbon Trading
The Technology Innovation Institute (TII), is the research segment of Abu Dhabi’s Advanced Technology Research Council (ATRC). It introduced a blockchain-based platform on Dec. 5. It enables verifiable carbon trading. Moreover, experts predict it plays a crucial role in green investments and accelerates the journey towards achieving net-zero emissions.
According to a press release, Dr. Najwa Aaraj, the Chief Researcher at TII, mentioned that the platform for tracking and trading provides a perfect tool for confident carbon trading in a new era. Thereafter, she added that the platform ensures user privacy and transaction integrity while guaranteeing transparency and auditability.
The carbon trading platform introduced by TII allows for the creation of tokens. Moreover, it represents the amount of carbon dioxide removed from the environment. One can trade the tokens and store them. Thereafter, encouraging investments in green projects such as carbon capture and forestation. By utilizing blockchain technology, the TII aims to enable the tracking and tracing of products throughout their entire supply chain journey.
Organizations Joining Hands to Create Digital Carbon Credits Against Climate Change
Three organizations, Allcot IO, the Carbon Opportunities Fund, and Tolam Earth, announced on Dec. 7 that they have joined forces to create digital carbon credits. Thereafter, to promote transparency in climate finance and foster a sustainable future. The partnership will utilize the Guardian open-source platform. Moreover, it is powered by Hedera’s distributed ledger network. As part of their collaboration, the organizations will work on developing environmental assets that are compatible with Guardian. Therefore, these assets will have verifiable digital attributes that can be used to track and verify the positive environmental outcomes of projects.
Also Read- UK, Spain, and Brazil Want Their Citizens to Declare Crypto Assets
Looking Forward
In conclusion, the climate summit in Dubai has seen several blockchain projects stepping up to fight against climate change. Therefore, these initiatives are powered by blockchain technology and aim to revolutionize carbon markets, enable verifiable carbon trading, and encourage investments in green projects. The use of blockchain technology can significantly contribute to the fight against climate change, Moreover, these projects are a positive step towards a more sustainable future.
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