Debate continues to rage about the best practices and strategies needed to collectively curb carbon emissions. Blockchain tech can help.
As cryptocurrencies grow in popularity, so does the debate about their energy usage.
Research has purported energy consumption habits by miners could be leading to carbon emission levels that could be interfering with national climate change mitigation obligations.
Others figures like Stanford’s Jonathan Koomey note that there is not enough research and data available to be certain about the amount of power mining eats up.
Despite the debate about energy consumption and emissions, many see blockchain as a way to open up traditionally centralized carbon markets to a wider variety of players — eventually accelerating the shift towards a low carbon worldwide economy.
Fighting Pollution With Blockchain
A bulk of today’s work related to climate change and carbon output focuses on crafting legislative agreements and compliance mechanisms to slash emissions and lend support to sustainability and efficiency projects.
The United Nations announced the Climate Change Coalition (CCC) in January, which is designed to study and research how blockchain can help combat climate change.
Members in the CCC will look into distributed ledger technologies and carry out pilot projects to test out use cases.
Otherwise, a large amount of debate and discussion inside of the UN has revolved around the Paris Agreement, which has come under heavy criticism in recent months.
Some startups, like the Blockchain for Climate Foundation (BFC) in Canada, are looking to use blockchain to build a tool that could achieve one of the big objectives spelled out in the agreement.
Article 6.2 proposes the idea of a unit carbon impact transfer value,