IntoTheVerse — “Web3 and Climate Change: How blockchain can help tackle environmental challenges.”
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“We’ve been given a warning by science and a wake-up call by nature; it is up to us now to heed them.” (Bill McKibben)
Many Web3 innovators have been working diligently to use blockchain to promote green, sustainable initiatives that help our world.
At IntoTheVerse, we wanted to study how blockchain can help tackle environmental challenges and how much of a difference it could actually make.
What is climate change?
Climate change is the term used to describe long-term shifts in weather patterns and global temperatures. These shifts are caused by human activities which emit unnecessary greenhouse gases, such as carbon dioxide(CO2), methane (CH4), and nitrous oxide (N2O), into the atmosphere, which then heats up and contributes to global warming.
Certain human activities, such as burning fossil fuels (coal, oil, and natural gas), deforestation, industrial processes, and agricultural practices, have significantly contributed to the rise in greenhouse gas emissions and the escalation of global warming.
What is the projected damage caused by the Climate Crisis?
The Climate Crisis has far-reaching consequences, and some of the most impacted areas are:
Rising Sea Levels
Global warming has contributed significantly to rising sea levels. As glaciers and ice caps continue to melt, it is projected that by 2100, global sea levels could rise by 0.26 to 0.77 meters (10 to 30 inches). This will threaten many coastal areas and low-lying islands as increased flooding, and erosion becomes the norm. For example, the Pacific island nation of Kiribati is already experiencing the effects of rising sea levels as its coastline is ravaged by erosion.
Extreme Weather
Climate change has already instigated extreme weather across the world, with an increasing number of cyclones, droughts, and heatwaves, ravaging countries around the world and posing a threat to agriculture and human life. For example, Hurricane Harvey in 2017 caused devastating flooding in Texas and Louisiana, which led to $125 billion in damages and a huge proportion of people losing their homes and employment.
Biodiversity
Climate change poses an irreversible risk to biodiversity, which will lead to ecosystems being destroyed and unfathomable levels of extinction in the animal kingdom. For example, the Great Barrier Reef in Australia is suffering from coral bleaching because of rising sea temperatures.
Agricultural Changes
As the Climate Crisis continues to ravage our world, changes in weather patterns and temperature will inevitably lead to more and more crop failures and food shortages. The Food and Agriculture Organization (FAO) estimates that climate change could decrease global crop yields by up to 25% by 2050. For example, in 2011, Africa encountered an extreme drought that resulted in food shortages.
So, how can blockchain help tackle environmental challenges?
Carbon Footprint Tracking and Offsetting
Blockchain and smart contracts make it easy to record and verify emission data to facilitate carbon footprint tracking and offsetting. Web3 companies, such as Celo and ConsenSys, are incentivizing carbon-offsetting initiatives, such as tokenizing carbon credits and decentralized carbon markets, to help alleviate climate issues.
Renewable Energy
Web3 has the capacity to integrate renewable energy resources across the world by using blockchain to help individuals produce, consume, and sell excess renewable energy to others, removing the need for high-cost traditional energy providers. Web3 companies, such as SunContract, Power Ledger, and WePower, are enabling individuals and businesses to produce and sell their excess renewable energy directly to others in their local community, fostering a decentralized energy market.
Conservation Initiatives
Blockchain and smart contracts facilitate the transparent tracking of funds for conservation projects or environmental initiatives. These increase public trust in the project because every action is transparent and accountable. Web3 companies, such as the Rainforest Foundation, known as Rainforest Direct, and Conservation Labs utilize blockchain technology for conservation efforts.
Recycling and Waste Management
Blockchain can be used to incentivize recycling and responsible waste management by rewarding individuals or businesses for their participation in waste movement and management tracking. Decentralization then means records are transparent and available to view in the blockchain code. Web3 companies, which facilitate the tracking and management of waste and recycling are, Wastebase, Plastiks and RecycleToCoin.
How can Web3 technology work with Web2 to help protect our world and alleviate the Climate Crisis?
The majority of the population uses Web2, whilst Web3 technology has great potential to make a difference in protecting our world and promoting initiatives to help the climate issues. Collaboration and re-education are, however, key to making a difference. Here are some ways Web2 and Web3 can actively work together to heal the Earth:
Data Sharing
Web2 and Web3 can work together to share data. Web2 can contribute by sharing its user-generated data, research findings, and industry-specific data sets, whilst Web3 can contribute to earning the public’s trust by using blockchain to share environmental information in a transparent and secure manner.
Collaboration in promoting climate protection initiatives
Web2 and Web3 can collaborate on climate initiatives by combining Web2’s communities and resources with Web3’s decentralized governance models to empower individuals to make key changes in both their day-to-day lives and in the world around them. By placing the power in the public's hands, it would encourage greater innovation and accountability.
Tokenization of Sustainable Assets
Web3 is the frontrunner in the tokenization of sustainable assets, which can promote renewable energy projects, carbon credits, and sustainable initiatives. Web2 can collaborate by attracting a larger user base to participate in these clean, green initiatives to heal different regions around the world.
In conclusion, Web3 technology, especially blockchain, offers new ways to address the issue of climate change. Its ability to be transparent by recording every action on the blockchain creates a new era of trust and security. It will also endear users to initiatives that show that their contributions are actively helping the environment.
Combining the strength of both Web2 and Web3 will, however, be key in driving game-changing environmental initiatives. Positive change will only be made by empowering individuals to take action by placing the responsibility solely in their hands.
Stay tuned for more tech articles from IntoTheVerse.
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Aimee Gilmore is a Creative Writer at IntoTheVerse. Come say hi to her on Twitter or Discord.
