Blockchain projects have taken part in the 2023 United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, by launching initiatives powered by blockchain technology. The conference, which runs from November 30 to December 12, has seen diplomats and leaders from around the world gather to advance climate action. Blockchain projects believe that their technology can contribute to the global effort to combat climate change.
Bringing Transparency to Climate Finance
On December 4, Envision Blockchain and the HBAR Foundation partnered with the United Nations to create a decentralized technology platform called Managed Guardian Service. This platform, built on Hedera Hashgraph, aims to streamline carbon markets by digitizing and verifying carbon emissions data.
On December 5, the Technology Innovation Institute (TII) unveiled a blockchain-powered platform for verifiable carbon trading. Developed by the TII and the Advanced Technology Research Council (ATRC), the platform aims to play a crucial role in green investments and accelerate the journey to net-zero emissions.
Another partnership, consisting of Allcot IO, the Carbon Opportunities Fund, and Tolam Earth, announced its initiative to create digital carbon credits on December 7. The organizations will use the Guardian open-source platform, powered by Hedera's distributed ledger network, to develop environmental assets with verifiable digital attributes.
Contributions to Climate Action Efforts
In addition to bringing transparency to climate finance, other organizations have made various contributions to the climate action effort. On December 7, crypto exchange KuCoin donated $100,000 to multiple projects addressing climate change and sustainable development.
Meanwhile, DLT Earth and the DLT Science Foundation (DSF) have announced a hackathon event for developing digital climate methodologies. This initiative aims to bring more transparency to climate market assessments.
These blockchain-powered initiatives demonstrate the potential of technology to transform climate action and contribute to global efforts to combat climate change.
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