The United Nations is set to host a blockchain technology summit in Geneva next month. The summit is a joint effort between the United Nations Development Programme (UNDP) and the UN’s sustainable development arm, the UN Environment Programme (UNEP).
The UN has called on technology companies to harness blockchain technology to reduce climate change. The UN’s Intergovernmental Panel on Climate Change (IPCC) released the first-ever report on climate change impacts and the potential for climate change mitigation. Chapter 7 of the report, titled “Mitigation of Climate Change”, discusses the role of new technologies.
The United Nations has called for a blockchain-based system of “carbon credits” to help combat climate change, citing the “immense potential” of distributed ledger technology. The solution, which will be tested later this year, is designed to help the world’s biggest polluters hedge their emissions, a move which could significantly cut carbon emissions from the industry.. Read more about what are blockchains and let us know what you think.
Although there are concerns about the carbon footprint of bitcoin (BTC), the United Nations has said that the technology behind the cryptocurrency has huge potential to solve global problems such as climate change.
The United Nations will continue to explore the use of blockchain technology as a way to combat the climate crisis and achieve a more sustainable global economy, according to an article published Sunday on the UN’s official website.
UN experts believe that cryptocurrencies and the technology behind them can play an important role in sustainable development and really improve the way we interact with the environment. In particular, the article highlights a number of environmental and sustainability benefits of blockchain, including its ability to provide transparency and fraud prevention, climate finance, and clean energy markets.
Citing the partnership between the United Nations Environment Programme and the Technical University of Denmark, the article argues that data on harmful greenhouse gas emissions are unreliable and incomplete in many countries. By providing an immutable record of carbon emissions, blockchain solutions can provide a transparent way for countries to take action to reduce their climate impact.
Blockchain can also play an important role in the development of renewable energy sources, such as wind and solar power, and be a tool to create markets for clean energy. Because these sources are intermittent and decentralized, new forms of energy markets are needed, the article says.
The UN stressed that cryptocurrencies are still in their infancy and there are still many technological and policy challenges to overcome, including environmental issues and volatility :
In order for the most vulnerable to benefit from blockchain technology and for this technology to have a real positive impact on the climate crisis, more technical research is needed, as well as an international dialogue between experts, scientists and policy makers.
Related: The banking system consumes twice as much energy as bitcoin: Search on
Minang Acharya, one of the authors of the UNEP letter on the use of blockchain, urged the UN to continue experimenting with blockchain to learn more about its impact on the environment. This will likely improve our knowledge of blockchain at the UN, enhance our understanding of the environmental and social impacts of mining, and improve our chances of dealing with whatever challenges the technology will bring in the future, Acharya said.
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