Yesterday the World Economic Forum (WEF) published a report on Blockchain for Scaling Climate Action. The focus is on the crypto side of blockchain, including incentive systems for regenerative finance. While many blockchain initiatives on the corporate end of the scale were overlooked in the report, the content is nonetheless valuable because the web3 world provides an opportunity to tap into retail financing for climate action.
As the report outlines, blockchain-based carbon registries offer a transparent digital record. So much so that the World Bank-backed Climate Action Data Trust is creating a registry to store data from multiple registries. Plus, blockchain can be used for measuring and reporting by pairing it with data collected from IoT sensors, smart meters and drone imagery.
To date, governments have recognized that the scale of money required for sufficient climate action is beyond their finances. Hence there’s been a push to include corporates with both compulsory and voluntary carbon credits and numerous other initiatives. The web3 sector presents an opportunity to extend that to consumers, provided it can address its trust issues.
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