This is a guest opinion post from Anna Roberts of iov42.
The need for climate action is unquestionably one of urgency. From the UN ‘Code Red’ climate report to ever increasing catastrophic weather events, it’s clear that the world must take this seriously and fast. This week’s COP26 summit hopes to ignite some united action, but governments risk falling short of their own targets unless new beneficial technologies are embraced. If environmental ambitions for the next decade are to become a reality, now is the time for governments to abandon the misconception that blockchain remains too abstract to harness and instead equip themselves with the tools and technology to trigger an era of healing.
While there are some positive signs of innovation within this space from the international community, such as the development of the European Blockchain Services Infrastructure, some are still concerned that blockchain itself is energy consuming, especially when it comes to cryptocurrency. However, enterprise blockchains can actually reduce energy usage as they scale rather than creating as much of a problem as they’re trying to solve. The environmental benefits of utilizing blockchain for industry and enterprise are substantial, and as it stands, they remain somewhat untapped. But if ESG targets are to be met internationally, it’s time for leaders to take note.
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