Suppose information important to tackling climate change – such as an industry sector’s greenhouse emissions – were continually updated from a multitude of sources and shared in an open and transparent way. Crucial information would be readily available, up-to-date, transparently displayed and reviewed for accuracy.
This is the promise of so-called distributed ledger technology (DLT), the benefits of which seem limited only by the imagination of people familiar with the technology. The most well-known application of DTL and blockchain technology has been for the creation of e-currencies, such as Bitcoin.
To encourage exploration and eventual use of this technology in support of climate action, the UN Climate Change secretariat initiated and facilitated the creation of the Climate Chain Coalition and contributed to the writing of its charter of principles and values.
“The UN Climate Change secretariat recognizes the potential of blockchain technology to contribute to enhanced climate action and sustainability,” said Massamba Thioye, who is leading UN Climate Change’s work exploring DTL and blockchain.
DTL and blockchain could:
- strengthen monitoring, reporting and verification of the impacts of climate action
- improve transparency, traceability and cost-effectiveness of climate action
build trust among climate actors - make incentive mechanisms for climate action accessible to the poorest
support mobilization of green finance.
“To fully and promptly mobilize this potential, broad collaboration among stakeholders is needed to direct resources to priority areas, avoid duplication of effort, and help avoid the pitfalls of working on a new technology with countless unknowns,” said Mr Thioye.
There are currently about 32 members signed up to the coalition, and membership is open.
Announcing the Climate Chain Coalition and its Membership Charter
During the One Planet Summit on 12 December 2017 in Paris, France (on the second anniversary of the Paris Climate Change Agreement), a multi-stakeholder group of 25 organizations working on distributed ledger technology (DLT, i.e. blockchain) held a meeting to agree to collaborate and establish an open global initiative called the Climate Chain Coalition (CCC).
DLT and related digital solutions (e.g. Internet of Things, big data) can enhance monitoring, reporting and verification and help mobilize climate finance to scale climate actions for mitigation and adaptation.
The CCC mission is to advance collaboration among members working on issues of common interest, and to help enhance the environmental integrity and results of DLT applications for climate. The CCC membership agreed on shared principles and values to facilitate and guide activities for capacity building, networking, research, governance, demonstrations, and pilot projects.
New members are welcome to join this open initiative and contribute to the transition to a climate-resilient economy aligned with the Paris Agreement.
Original source: UNFCCC
Published on 22 January 2018
