At a COP26 press conference in Glasgow, Scotland, on Wednesday, a number of experts from the technology-environment sector spoke to global citizens around the world about improving the coordination and support of climate action with blockchain technology.
The GloCha United Citizens Organization (UCO) for Action for Climate Empowerment was launched at COP26 as a blockchain-based quasi-international organization based in Klagenfurt, Austria. It will now attempt to use blockchain technology to advance climate change goals in line with the United Nations (UN) Sustainable Development Goals (SDGs).
The UCO is rooted in the Action for Climate Empowerment Innovation Project (ACE_AT) as well as in the Global Challenges Action Empowerment Consortium (GloCha). It serves to enable open discussions about the collective vision of society for climate protection and to enable a comprehensive mobilization of resources.
GloCha has partnered with the United Nations Habitat Youth Program and the Climate Chain Coalition, among others, to work with youth climate groups to build the technological and institutional infrastructure needed to achieve the United Nations SDGs through impact-based entrepreneurship models.
The host was GloCha founder Miroslav Polzer, and the panelists included Romi Sumaria and Dairou Sidiki, and Kristina Cornèr, editor-in-chief of Cointelegraph, among other things as media partner of UCO.
Oblique Life Co-Founder and CEO Romi Sumaria spoke about the opportunities to mobilize financial and human capital for climate change initiatives through the implementation of blockchain technology:
“Blockchain will enable us to ensure that those who invest in these projects can understand where their money or time is going, what metrics they are looking at and what their return on impact (ROI) is.”
The organization’s roadmap outlines its goals to publish a whitepaper report in late February 2022, followed by a registration offer in early April 2022.
Other considerations include the distribution of carbon footprint compensations Cryptostamps, the mobilization of resources through decentralized autonomous organizations (DAOs) and the support of several projects for social engagement.
UCO will work with respective government regimes in the coming months to build these partnerships, with operations expected to begin at COP27, hosted by the African continent in November 2022.
APCD Chad CEO and long-time partner of GloCha, Dairou Sidiki, commented on the importance of engaging African citizens on sustainable development issues and encouraging the development of innovative solutions:
“We think it is an excellent idea to implement this partnership in order to collect and mobilize funds for climate protection, especially in Africa, and also to take into account what solutions the Africans can have and help them implement these solutions on the ground to support.”
Related: Measuring Success: Offsetting Crypto Carbon Emissions Required For Adoption?
During the COP26 conference, a number of thought leaders in both the environmental and crypto ecosystems raised legitimate concerns about the increasing energy-intensive activity on blockchain networks like Bitcoin.
The leading digital asset has discouraged Climate experts for their heavy reliance on fossil fuels to sustain production from mining activities, a fundamental pillar of their establishment and operations.
Earlier this year, a University of Cambridge expert research team released the Bitcoin Electricity Consumption Index, which calculated that Bitcoin consumes 121.36 terawatt hours annually, a seismic number that ranks in energy consumption across nations like Argentina.
A number of cryptocurrency firms looking to research and develop solutions to decarbonize blockchain activities have also grown in importance in recent months.
Jack Dorsey’s Square partnered with Ark Invest this year to issue a memorandum arguing that Bitcoin offers a unique opportunity to drive innovation and the adoption of a green network network made entirely from renewable energy sources.
What can fix this problem is an ecosystem where solar / wind, batteries, and bitcoin mining coexist to form a green grid that runs almost entirely on renewable energy. Not only is it doable, but it can be done without jeopardizing the profitability of the industry.
– Square Crypto (@sqcrypto) April 21, 2021
Relying on analytical data metrics such as LCOE and transmission capacity to determine the ease of transition to green production, the report concluded:
“Bitcoin and energy markets are converging and we believe that today’s power plant owners are likely to become tomorrow’s miners.”