The World Economic Forum (WEF) has recently published a white paper explaining how blockchain networks can provide the necessary infrastructure to fight climate change “at speed and scale.”
We’ve just published a World Economic Forum @wef Whitepaper detailing blockchain technology’s valuable role in the global effort to fight climate change.
thanks @ToucanProtocol @BL4SG_ and more than 60 ReFi organizations that contributed to this research!https://t.co/RUwb9Z5Ipy
— Climate Collective (@clim8collective) April 25, 2023
According to the document, the value of Blockchain technology for the climate action community can be divided into four categories. First, blockchain networks can “strengthen trust and ambition” in climate negotiations. It can also improve market transparency and credibility, as well as channel more funds to project developers. Finally, the WEF wrote that digitization “democratizes access” to climate action.
Brynly Llyr, Head of Blockchain and Digital Assets at WEF’s Cryptocurrency and Sustainability Impact Accelerator (CISA), stated that it is very important to consider and investigate emerging technologies as tools to help address climate change. Lyr explained that:
“Global climate infrastructure, coordination tools and technologies can help us keep pace with our changing planetary ecosystem. This is where blockchain and shared infrastructure technologies can come in handy.”
Due to the potential of Blockchain technology, the paper also noted that industry leaders agree that a “constructive regulation” that supports responsive digital climate innovation.
Dan Gibber, CEO of the blockchain-based climate project Flowcarbon said it is important for policy makers to consider the various applications of blockchain technology and not just the prominent ones. “This goes beyond cryptocurrencies and encompasses everything that can be built on blockchain,” Gibber said.
Meanwhile, the exchange Coinbase is also making an effort to fight for greater regulatory clarity for the digital asset space in the United States. On April 25, the cryptocurrency platform filed a lawsuit to compel the US Securities and Exchange Commission to act on its rulemaking petition, pending since last July. The exchange has also launched a non-fungible token campaign that advocates for more sensible policies for cryptocurrencies.
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