The objective of this seminar was to identify Blockchain’s potential for fighting climate change and to explore public policies and alternatives for the private sector. Blockchain is a digital technology that, in the context of climate change, serves to improve the transparency of public policies and financing by allowing the exchange of user information, the financing of adaptation measures and greater use of renewable energies. Technology has been incorporated as a mechanism for the monitoring, reporting and verification of information to help solve climate change problems.
Representatives from IBM Blockchain explained that although Blockchain offers decentralization and anti-fraud mechanisms, it also has a negative impact on energy use due to the number of blocks in the chain. On the other hand, currently there are carbon credit initiatives that offer lower costs, less development time and less energy impact. Representatives from Global Grid said that by incorporating Blockchain into the energy ecosystem in Latin America, as is already done in Europe through a digital platform, it will be possible to increase capital and financing for renewable energy projects.
One of the potential benefits of Blockchain is the creation of public policies and the discovery of new solutions to climate change, since digitalization has changed the way in which information interacts with and gives value to things. Blockchain can be seen as a tool for optimizing the new generation of mobility. Approximately 20% of CO2 emissions come from transportation caused by fuel combustion. Reducing the need to travel, changing to ecological means of transport and improving the energy efficiency of transportation is this very important. This can be achieved by encouraging the use of electric vehicles and through urban development.
In conclusion, Blockchain can be seen as a digital solution to identify financing for climate change adaptation projects.