In a recent whitepaper, the World Economic Forum (WEF) describes how blockchains might deliver the necessary infrastructure to combat climate change “at speed and scale.”
The whitepaper divides the benefit of blockchain to the community working on climate change into four categories. Blockchains can “strengthen trust and ambition” in climate discussions, to start.
Additionally, it can increase market credibility and transparency while also channeling more funding toward project developers. The WEF concluded by saying that digitization “democratizes access” to climate action.
It’s crucial to think about and investigate emerging technologies as instruments to help solve climate change, according to Brynly Llyr, the head of blockchain and digital assets at WEF’s crypto impact and sustainability accelerator (CISA).
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Because of blockchain’s potential, the whitepaper also highlighted that industry leaders are agreeing that there’s a need for “constructive regulation” that supports responsive digital climate innovation.
Dana Gibber, the CEO of the blockchain climate project Flowcarbon, said that it’s important for policymakers to consider the various applications of blockchains and not just the most prominent ones. “This goes beyond cryptocurrencies, and encompasses what you can build on blockchain,” Gibber noted.
Meanwhile, crypto exchange Coinbase is also making an effort to fight for more regulatory clarity for the digital asset space in the United States.
On April 25, the crypto platform filed a court action that aims to compel the Securities and Exchange Commission to its rulemaking petition that’s been pending since last July.
Following this, the exchange has also launched a nonfungible token (NFT) campaign that called for more sensible crypto policies.
Story adapted from Coin Telegraph
