During the 2023 United Nations Climate Change Conference (COP28) held in Dubai, UAE, numerous projects have emerged, leveraging blockchain technology to drive climate action initiatives.
From November 30 to December 12, global diplomats and leaders gathered at Expo City Dubai to advocate for climate action. This pivotal event also saw the active participation of blockchain projects, highlighting their belief in blockchain's potential to contribute significantly to climate action.
As the world's paramount climate summit commenced, these blockchain initiatives united in their endeavor to safeguard the environment, spanning endeavors from revolutionizing waste management to utilizing blockchain for tracking carbon emissions. For instance, on December 4, Envision Blockchain and the HBAR Foundation collaborated with the United Nations to introduce a novel suite of decentralized technologies aiming to streamline carbon markets. Their joint initiative unveiled an open-source managed custody service platform that concentrates on digitizing and verifying carbon markets' measurements, reporting, and verification (dMRV).
The UN Global Innovation Center on Climate Change, in conjunction with Envision, developed this platform using Hedera Hashgraph, intending to revolutionize the carbon market landscape.
Similarly, on December 5, the Technology Innovation Institute (TII), a research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), unveiled a blockchain-based platform facilitating verifiable carbon trading. This project aims to play a pivotal role in encouraging green investment, expediting the journey towards achieving net-zero emissions.
Dr. Najwa Aaraj, principal researcher at TII, emphasized the platform's capability in protecting transaction integrity and user privacy while ensuring transparency and auditability. The platform is hailed as a crucial tool for bolstering confidence in carbon trading.
This platform's core feature includes the creation of tokens representing the quantity of carbon dioxide removed from the environment, which can be stored and traded. Its objective is to incentivize investments in eco-friendly ventures such as reforestation and carbon capture. Additionally, the platform leverages blockchain to trace products throughout their entire supply chain journey.
Furthermore, on December 7, a partnership between Allcot IO, the Carbon Opportunity Fund, and Tolam Earth unveiled their initiative to generate digital carbon credits. Their joint effort aims to foster a sustainable future and enhance transparency in climate finance by utilizing the Guardian open source platform on the Hedera distributed ledger network.
In parallel, organizations like cryptocurrency exchange KuCoin announced a $100,000 donation to various climate change and sustainability projects, including the Global Corporate Social Responsibility Foundation, the American Medical Women’s Association (AMWA), and the African Children’s Solar Lamp Project. These initiatives aim to shield infants and children from pollution, distribute solar lights in Africa, and empower young women in socially disadvantaged communities.
Additionally, post the COP28 summit, organizations like DLT Earth plan to persist in their climate action efforts. DLT Earth announced a forthcoming hackathon, in collaboration with the DLT Science Foundation (DSF) and HR, scheduled to commence on January 8, focusing on developing digital climate methodologies to enhance transparency in climate market assessments.
