Climate change has become one of the most pressing issues in the modern world with mounting pressure on companies to develop and implement climate strategies. Politicians around the globe have also been actively involved, with several nations pledging to go carbon-neutral in the next couple of decades, reports Cointelegraph.
Amid all the initiatives and conferences led by politicians and billion-dollar companies over the years, the threat of global warming and the carbon emissions spilling into the atmosphere have only risen.
The 2022 United Nations Climate Change Conference, or Conference of the Parties of the UNFCCC, was the 27th United Nations climate change conference. More commonly referred to as COP, the conference is one of the largest of its kind that sees attendance from top policymakers and tech CEOs.
COP27 ultimately resulted in minimal progress on loss and damage, with high-emission countries agreeing to compensate those countries enduring the brunt of the climate mayhem that they played a negligible role in causing.
The annual climate carnival concept was probably not the best way to encourage meaningful action on global warming. The presence of the fossil fuel industry and continued failure to fulfil their intended purpose means the problem of climate change needs a modern solution, and for many, decentralised tech is the key that can benefit climate initiatives in the long run.
Decentralised tech has proven revolutionary in data management for many industries apart from the financial sector. Climate change initiatives are already integrating blockchain tech to their benefit including an increasing number of projects at COP held yearly conferences.
KPMG US climate data and technology principal Arun Ghosh told Cointelegraph:
“One of the major outcomes of COP27 was landing on the loss and damage set of agreements enabling wealthier nations to help provision and plan for the recovery of people and livelihoods in under-resourced nations. Blockchain not only provides the trust and transparency set of enablers but with the introduction of CBDC pilots as well as the adoption of BTC as a recognised medium of exchange in countries like El Salvador, there are accelerated investments and plans emerging to integrate and transact between organisations, countries and citizens.”
Blockchain tech can be implemented in many ways to make climate change-related initiatives more efficient.
Recycling is one sector where blockchain can encourage participation by giving a financial reward for depositing recyclables like plastic containers, cans, or bottles. Similar setups already exist in several places around the world.