Blockchain is helping to save the environment #WolrdEnvironmentDay
Kamlesh Nagware
Co-Founder @ FSV Capital | TEDx Speaker| Co-Chair LF Decentralized Trust| Blockchain TOP VOICE | Hyperledger, Fintech, Digital Assets/Tokenization, CBDC | Consulting startups & enterprises to adopt Blockchain
Today is world environment day, I would like to share some thoughts on environmental impact and?How Blockchain is helping to build a sustainable future. Transformative, collective actions to build a sustainable future. Achieve sustainability and SDG goals requires trusted and transparent climate action accounting and carbon accounting using?#blockchain?#dlt?technologies. Blockchains could play an important role in making our planet a better place to live.
Before going into detail I would like to share my recent experience with the environment and climate change in India. Climate change is real, we can’t deny it. Last month I was traveling to north Indian cities especially ‘Ganga River’ basin state of Uttar Pradesh and I have experienced the hottest summer in over 70 years. ?The temperature was reaching 45°C (113°F) to 49°C (117°F) which so severe to survive. And another experience of Ganga river pollution and Ganges runs out of water which is also very bad for sustainability.
Is India’s intense heat wave a sign of climate change and global warming?
Climate Change Possibly Made India's Heatwaves '30-100 Times More Likely'
Record-breaking heatwaves are set to get more common, and more intense, due to climate change. https://thewire.in/environment/climate-change-has-made-indias-heatwaves-100-times-more-likely
Climate change represents an existential threat to humanity and will require the greatest mobilization of resources and collaboration in human history.?Sustainability, environment & climate change , SDG?is hot topic in each country. Industries, Brands, Government, regulators and policy makers working towards reducing carbon footprint and taking various initiative to combat climate change. EV Vehicles, Energy efficient industries, Renewable and wind energy project and reducing energy dependency on coal generated energy and creating investment opportunities in green Tech are such initiative?by each government across the world. Now People also understand the climate change issues and taking steps to avoid carbon footprint and helping to heal the earth.
In India Niti Ayog(Planning commission of India) released Round-1 of the State Energy & Climate Index, which will be useful for the states & UTs to plan better policies & efficiently manage their energy resources in view of the changing climate.
NITI Aayog Official?Aayog CEO?Amitabh Kant?said that achieving the ambitious climate targets would require a conducive policy environment to encourage investment.
The report aims to rank States and Union Territories on six parameters. These are Discoms’ Performance, Access, Affordability and Reliability of Energy, Clean Energy Initiatives, Energy Efficiency, Environmental Sustainability and new initiatives.
The year 2021 proved to be a pivotal one for advancing action against climate change in India. For the first time ever, the country announced a net-zero target—the commitment to get to zero carbon emissions by 2070—at the Glasgow COP 26 conference.
Over the last year, private investment in climate innovation has grown rapidly, with equity investors deploying $7.15 billion in capital. If debt and green bonds are included, total climate investment in India is estimated to be as high as $20 billion. Renewable energy (solar and wind power) attracted 60 percent of equity investment; emerging sectors such as electric mobility and agritech supply chain also generated considerable interest.
Technology, Blockchain, and Climate Change
A blockchain is a powerful tool that can significantly improve the transparency, accountability, and traceability of greenhouse gas emissions. It helps companies provide more accurate, reliable, standardized, and readily available data on carbon emissions.
Blockchain could contribute to greater stakeholder involvement, transparency, and engagement and help bring?trust and further innovative solutions in the fight against climate change, leading to enhanced climate actions. Blockchain is being used in carbon accounting and carbon credit tokenization for transparent and efficient ESG reporting.
Blockchain Use Cases in climate action :
-??????Sustainable supply chain
-??????Circular economy
-??????Carbon accounting & Credit tokenization
-??????Green/Cleantech Finance
-??????Renewable energy certificate
-??????Efficient Carbon credit Market.
-??????Carbon offset NFT
How can blockchain actually fight climate change?
Of the many uses blockchain can offer in fostering better climate governance, it can be used to boost global cooperation. The information stored on a blockchain is immutable and tamper-proof. This is useful for generating a single source of trust for any kind of information.?
“Blockchain could contribute to greater stakeholder involvement, transparency, and engagement and help bring?trust and further innovative solutions in the fight against climate change, leading to enhanced climate actions. Blockchain is being used in carbon accounting and carbon credit tokenization for transparent and efficient ESG reporting.”
Better and reliable information is required to ensure two different stakeholders don’t claim carbon-offset credits for the same project, for example. Smart contracts on the blockchain can be used to verify ownership.?Another task is to verify carbon-offsetting activities actually took place. Blockchain and IoT devices could provide more trustworthy information in real-time in both of these scenarios.?
Blockchain is a powerful tool that can significantly improve the transparency, accountability and traceability of greenhouse gas emissions. It helps companies provide more accurate, reliable, standardized, and readily available data on carbon emissions.
Blockchain can be utilized through smart contracts to better calculate, track and report on the reduction of the carbon footprint across the entire value chain. It can provide instant authentication, verification of real-time data, and?clear data records.
Blockchain implementation in?Environment related use cases -
The BIS Innovation Hub and the Hong Kong Monetary Authority (HKMA) successfully developed two prototype digital platforms?for the green bonds. Over the bond's lifetime, the investor can not only see accrued interest, but also track in real-time how much clean energy is being generated, and the consequent reduction in CO2?emissions linked to the investment. Further, the investor can sell the bonds in a transparent market.
-?Tentree?is an apparel company that plants 10 trees for every item of clothing sold.?Veritree, a ground-based monitoring application that uses blockchain to track data on our tree planting. In the textile industry companies doing?Fiber /cotton traceability use blockchain for better trust and transparency.
-?Open earth foundation actively working on collaborative projects climate actions and accounting.
?- Polygon has also pledged?$20 million?to support several climate-positive initiatives and improve the ecosystem's carbon status. It intends to fund blockchain projects to create innovative solutions that combat climate change.
Bhu NFT from Trst01 as carbon ?offset NFT on Polygon Blockchain in agriculture sustainable supply chain in India.
-?Sustainability marketplace for carbon credits, SDG Exchange, has announced the global launch of its platform that seeks to enable efficient and transparent global marketplaces for carbon offsets pursuant to Article 6 of the Paris Agreement amid the ongoing?COP26.
-??With global water supplies under severe pressure from climate change and growing worldwide demand, Fujitsu and Botanical Water Technologies (BWT) signed an agreement and initiated the creation of a blockchain-based water trading platform, “Botanical Water Exchange" (BWX).
https://www.fujitsu.com/global/about/resources/news/press-releases/2021/1118-01.html
-???The European Commission?aims to use innovations in blockchain technologies to help fight climate change.
·??Bitlumens?Facilitating the scaling of green technologies to off grid communities… Smart metering, carbon Credit Tokenization(Project Implementation in India).
?Pyse?- Invest in?clean?and?green?assets, very unique way of using blockchain in renewable energy. They provide an investment platform based on blockchain to invest in clean & green tech.
We at?Snapper Future Tech?also working in this direction with our Product Tracechain for sustainable supply chain in the food sector and plastic recycling industry?and recently we have won a capital market hackathon organized by IFSCA for our sustainable finance solutions for green investment in circular economy. https://lnkd.in/dytiq3HM
And Many other Blockchain start-ups like Provenance, circular, everledger, circularise, Infinichains, Tracex etc., use blockchain to build sustainable supply chains & circular economy projects.
Blockchain technology in environmental conservation has immense potential; its application can be used for social-economic activities, including conservation planning and efficient wildlife protection program implementation.
Open-source community initiatives like Hyperledger Climate SIG
Hyperledger foundation has a special interest group “?Climate Action SIG” for The Climate Action & Accounting (CA2) Special Interest Group (SIG) will foster and engage a multi-stakeholder network to exchange ideas, needs, and resources in order to develop and consolidate open-source DLT solutions for a common climate accounting mechanism and frameworks.
The Latest Linux Foundation Research report provides an extensive look at the environmental impact of NFTs (non-fungible tokens) and delves into how and why NFTs can have varying carbon footprints depending on underlying technology stacks.?
“Battle-against-climate-crisis-dont-overlook-blockchain”
As blockchain and related digital technologies develop rapidly, policymakers also need to adjust regulations to spur the development of future energy systems while mitigating environmental risks.
UNEP-led partnerships, such as the recently launched?Coalition for Digital Environmental Sustainability, can support these efforts by linking digital technology applications to environmental sustainability.
"Blockchain technology can significantly increase the transparency, efficiency, and accountability of environmental projects. Blockchain technology could help restructure economic incentives for taking environmental action."
Reference:
#blockchain #blockchainadoption #Climatechange #climateimpact #climateaction #sustaianblesupplychain # #sustainabledevelopmentgoals #hyperledger #carbonaccounting #tokenization #carboncredit #environmental #WorldEnvironmentDay ?#WorldEnvironmentDay?#carbonemissions?#climateaction?#sustainability