Climate Chain Coalition releases report on blockchain and emerging technologies at COP 27

The Climate Chain Coalition (CCC), a network of organizations dedicated to leveraging blockchain technology for effective climate action, including Cointelegraph as a member, delivered on Nov. 11 its stock take report at the United Nations Climate Change Conference, or COP27, in Sharm El-Sheikh, Egypt. 

Founded five years ago, the coalition has been working on initiatives related to the consumption accounting system and greenhouse gas emissions accounting. Tom Baumann, chair and founder of the Climate Chain Coalition, stated:

"During those years, the Coalition has grown from 12 founding organizations to over 360 organizations in 69 countries. The coalition was founded on the ethos of blockchain and emerging technologies as an open distributed network where members self-organize into member-driven initiatives."

The coalition's mission is to resolve issues and challenges needed to advance transformative digital climate innovations by creating resources to support a shared data and digital infrastructure, as well as supporting networking and capacity building, as well as partnering between digital and climate communities.

Related: How blockchain technology is transforming climate action

Speaking at the panel, Cointelegraph editor-in-chief Kristina Lucrezia Cornèr commented:

"Education is key here, and media responsibility is incredibly high. We consider it our biggest mission to talk not only about what is intrinsic to the blockchain industry, but what's going on beyond. And because it's out of the box that things are uniting us because this conference is about climate action and climate is so much more about just climate change. It's about sustainability, and it's about our future." 

Also participating in the panel, Alexey Shadrin, co-founder and CEO of Evercity, a platform for management, issuance and monitoring of sustainable finance, highlighted how the coalition's efforts are supporting organizations with use cases on implementing blockchain technology, as well as guidance to the new projects that are rapidly emerging right now on the markets. "We want to make sure that those projects are not only innovative and cool, but also aligned with core UN values and standards that currently exist there and that were developed by many, many experts within the UN process and beyond."

Even though digital assets have been criticized for their high-energy consumption, such an accusation is inaccurate. There is a need to distinguish between cryptocurrencies and underlying blockchain platforms that are energy efficient and support climate initiatives.