Climatecoin with a new technology called “Blockchain” could play a major role in tackling climate change. Blockchain could contribute to greater stakeholder involvement, transparency and engagement and help bring trust and further innovative solutions in the fight against climate change, leading to enhanced climate actions.
For climate action, Climatecoin will use Blockchain technology in the following specific ways:
Improved carbon emission trading:
Blockchain could be used to improve the system of carbon asset transactions. For example, IBM and Energy Blockchain Lab are currently working together to develop a Blockchain platform for trading carbon assets in China. Recording carbon assets on a public Blockchain would also guarantee transparency and ensure that transactions are valid and settled automatically.
Facilitated clean energy trading: The technology could also allow for the development of platforms for peer-to-peer renewable energy trade. Consumers would be able to buy, sell or exchange renewable energy with each other, using tokens or tradable digital assets representing a certain quantity of energy production.
Enhanced climate finance flows:
Blockchain technology could help develop crowdfunding and peer-to-peer financial transactions in support of climate action, while ensuring that financing is allocated to projects in a transparent way.
Better tracking and reporting of greenhouse gas (GHG) emissions reduction and avoidance of double counting:
The technology could provide more transparency regarding GHG emissions and make it easier to track and report emission reductions, thereby addressing possible double counting issues. It could serve as a tool to monitor the progress made in implementing the Nationally Determined Contributions, or “NDCs” under the Paris Agreement, as well as in company targets.
Never miss a story from CLIMATECOIN, when you sign up for Medium. Learn more