Under the premise that a decentralized management technology such as blockchain can contribute to achieve a sustainable improvement of the global climate, the United Nations Secretariat for Climate Change announced Monday the creation of Climate Chain Coalition (CCC) to “stimulate exploration and the eventual use of this technology in support of actions in favor of climate “.
Massamba Thioye, who directs the work of the UN on climate, said: “The UN Secretariat for Climate Change recognizes the potential of blockchain technology to contribute to improving climate action and sustainability.”
The so-called Climate Chain Coalition (CCC), initially formed by a multi-stakeholder group of 25 organizations working on distributed accounting technology (DLT, or blockchain), currently has 32 members. This group emerged from a meeting held in mid-December last year and has the following mission:
This initiative aims to add new participants who want to contribute in the development and application of solutions based on blockchain technology to counteract climate change. Membership is open to those who want to be part of this UN coalition .
Thioye stressed that collaboration is key to take full advantage of the benefits of blockchain technology in the field of climate action: “To fully and quickly mobilize this potential, a broad collaboration is needed between the stakeholders to direct resources to the priority areas, avoid duplication of efforts and help avoid the pitfalls of working on a new technology with countless unknowns, “said Thioye.
Previously, under the Paris Agreement , the UN had already recognized the potential of distributed accounting technology. In the document ” Blockchain technology can boost Climate Action “, in June 2017, the benefits of the application of DLT technology are exposed in detail to deploy innovative solutions and greater transparency in the fight against climate change.
Several specific advantages of the blockchain are mentioned in the latter document, such as the possibility of registering the different carbon assets available in the world in a blockchain, or providing more transparency regarding the emission of gases due to the greenhouse effect, when registering and reporting emission reductions without the possibility of duplicate registrations.
This technology could also help develop crowfunding and financial transactions between peers, in support of climate action, while guaranteeing the allocation of financing to projects in a transparent manner; In addition, it would strengthen the monitoring of the impact of climate change and facilitate access to updated information.