A new technology called blockchain could play a major role in tackling climate change.
That’s the view of experts at the UN Framework Convention on Climate Change (UNFCCC), who believe the technology could be used in a number of different ways.
Blockchain is a distributed database that is continuously updated and verified by its users, with each added block of data “chained” and part of a growing list of records.
It enables the transfer of assets and the recording of transactions through a secure database.
According to the UNFCCC, blockchain technology could be used in improving carbon emissions trading, facilitating clean energy trading and better tracking and reporting of greenhouse gas emissions reduction and avoidance of double counting.
IBM and Energy Blockchain Lab are currently working together to develop a blockchain platform for trading carbon assets in China.
The UNFCCC adds research on ways to integrate blockchain into different sectors related to sustainable development is now expanding and innovation at the intersection of blockchain and climate change is expected to further develop in the coming years.
Alexandre Gellert Paris, Associate Programme Officer at the UNFCCC said: “As countries, regions, cities and businesses work to rapidly implement the Paris Climate Change Agreement, they need to make use of all innovative and cutting-edge technologies available.
“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.”