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Blockchain Technology Highlighted in WEF Whitepaper as a Resource for Addressing Climate Change
The World Economic Forum (WEF) has recently released a whitepaper that outlines how blockchains can deliver the necessary infrastructure to combat 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
The whitepaper indicates that blockchain’s significance to the climate action sector can be categorized into four areas. Firstly, blockchains can “enhance trust and ambition” in climate negotiations. They can also boost market transparency and credibility while directing additional funds to project developers. Finally, the WEF stated that digitization “democratizes access” to climate initiatives.
Brynly Llyr, the head of blockchain and digital assets at WEF’s crypto impact and sustainability accelerator (CISA), emphasized the importance of examining and researching emerging technologies as instruments to tackle climate change. Llyr elaborated that:
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“Global climate infrastructure, tools, and coordination technologies can all help us keep pace with our changing planetary ecosystem. This is where blockchain and shared infrastructure technologies can be beneficial.”
Due to blockchain’s potential, the whitepaper also pointed out that industry leaders concur on the necessity for “constructive regulation” that fosters responsive digital climate innovation.
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Dana Gibber, the CEO of the blockchain climate initiative Flowcarbon, stated that it is crucial for policymakers to recognize the diverse applications of blockchains beyond the most well-known ones. “This extends beyond cryptocurrencies and includes what can be developed on blockchain,” Gibber remarked.
In parallel, crypto exchange Coinbase is advocating for greater regulatory clarity in the digital asset sector within the United States. On April 25, the crypto platform initiated a legal action aimed at compelling the Securities and Exchange Commission to address its rulemaking petition that has been pending since last July. Following this, the exchange also launched a nonfungible token (NFT) campaign that called for more reasonable crypto policies.
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