Our planet is experiencing a climatic catastrophe that poses severe risks to human survival by disrupting ecosystems, the food supply, and the ability of populations to remain in their traditional homes.
Meanwhile, discussions about cryptocurrencies and blockchain technology are taking place in several settings as we update our infrastructure.
Bearing this in mind, can a greener future be incentivized via crypto and blockchain?
Representatives from different companies sat down during a press conference at CES 2023 on Thursday, Jan. 5. They discussed the most promising uses of Web3 for resolving the climate's coordinating issues.
(Photo : Screenshot during CES 2023)
(L-R) Xochitl Cazador, Kat O'Brien, Bill Kentrup, Jonmichael Hands, and Cully Cavness
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Minimizing Carbon Footprints
ClimateTrade, which aids businesses in mitigating their carbon footprints and enabling their clients to do the same, employs Kat O'Brien as its chief partnerships officer.
"We want to make it simple for companies to address climate neutrality, and we work primarily with projects at carbon offsets that are certified by the top registries," O'Brien said.
O'Brien argues that carbon offsets are just part of the solution. Hence the company is dedicated to finding other ways to improve sustainability. Biodiversity credits were implemented as a pilot program by ClimateTrade in Colombia last year.
Unlike carbon or biodiversity offsets, which are payments made by a firm to compensate for their harmful effects on ecosystems, biodiversity credits enable enterprises to support nature-positive activity, supporting long-term protection and restoration of nature.
Data of Reputable Sources
If you are going to acquire carbon credits, you should verify that they come from reputable sources.
To create this global registry from all the countries and to basically harmonize this data by putting it in one place with a common format, common metadata, and so on, the World Bank established the Climate Warehouse, as stated by Jonmichael Hands.
Hands is the VP of storage business development at Chia Network, which uses a sustainable and secure blockchain network.
Digital Flare Mitigation
Aligning the future of computing with the future of climate is a priority for Crusoe Energy Systems' co-founder, president, and CEO, Cully Cavness. They focus mainly on the construction of actual structures.
Massive power plants were established, and all the methane that would have been flared or otherwise wasted is now burned entirely and effectively.
Carbon Financing Tools
Bill Kentrup, Allinfra's director, develops carbon financing institutional solutions.
Offsets, credits, allowances, and claims are all terms for environmental financial products that are measured in tons of carbon dioxide equivalent.
Allinfra proves that emissions have been reduced, avoided, or sequestered at a specific location and time and validated via a rigorous procedure.
Carbon financing, also known as environmental finance, is the money spent to reduce greenhouse gas emissions, and its history may be traced in paper form or digitally in recent years.
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