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No, Blockchain is Not the Answer to Climate Change

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These days, many experts think: Blockchain is one of the solutions to fight climate change It can also be used to improve transparency, accountability and traceability of greenhouse gas emissions. In addition, it helps companies provide more accurate, reliable, standardized and readily available data on their carbon emissions.many government We are also experimenting with it at the policy level and looking for ways to prolong the problem.

Through smart contracts, carbon footprint across the value chain can be optimally calculated, tracked and reported. It provides instant authentication, real-time data verification, and a clear data record.

This all sounds great. But is it really possible?

England endured worst summer ever In July 2022, a scorching heat wave hit Europe.Delhi on the other hand most polluted city in the world– We found the lowest pollutants in the air during this Diwali festival.

Climate change is getting worse out of control and, unfortunately, we are not waiting for technology to fix the problem. The time to act is now. The crisis is exacerbated by regulatory delays at the national and global levels, and raising public awareness is the only way forward.

lessons from the past

The Covid-19 pandemic, for example, is one of the greatest lessons of our time. Today, so many countries have successfully beaten the deadly coronavirus, not blockchain or big tech companies solved the problem, but community awareness and self-isolation measures are helping to end the crisis. We were able to overcome it. Obviously, a bit of vaccination and technology came later that acted as an enabler and made the whole process much smoother.

Another interesting observation at the time was sharp Reduced carbon emissionsBut it was short-lived as things started to return to normal and so did our carbon footprint.

According to the IPCC report, man-made climate change It causes dangerous and widespread disruption to the natural world, affecting billions of lives worldwide. Despite efforts such as UN Paris Agreementsigned in 2015, has barely moved the needle.

what is the solution?

“I don’t believe in technology-based solutions or technology solutionism,” he asserts. Constanza Gomez Monfounder and principal of C-Minds, an impact innovation agency that designs and deploys strategies for economic and social development.

She said there is a growing need for locally rooted case studies that generate bioeconomy and sustainable practices and have a measurable impact on the lives of local communities. The conversations act as an umbrella of vision and vitality, but the real work and the real challenges are on a very local scale,” she added, pointing to the development of edible forests.

In line with the Paris Agreement on climate, she said, we can implement all our commitments and see that reflected on a very local scale. I believe that we need to have this global discussion available. We believe in the power of having a local ecosystem that we don’t particularly deal with,” she added.

Buying climate change and carbon credits

Many companies are talking about becoming carbon neutral and carbon negative in the near future.For example, most companies Pledge to Climate Change Achieving net zero carbon emissions by 2040, 10 years ahead of the Paris Agreement.

“Regulation drives a large part of the conversation,” Mont says. She said she believes in the power of voluntary credit. Added.

“I believe we need to take that into a larger approach and expand regulation.

She said the demand for carbon credits (one of the most talked-about applications of blockchain) is growing exponentially to meet individual business goals that are hopefully carbon negative. “But here’s where I’m a little bit worried: how this money will be used for community empowering projects, seeing more and more companies that just pay for services, that’s why bio There is no question whether we are creating an economy,” she added.

Furthermore, she said they are just pouring in solutions such as planting trees without considering social factors. Therefore, investing funds to achieve business goals, and she one-on-one community development becomes more important. The guardians of nature reserves are usually the people at the bottom of the pyramid.

Here comes the bigger problem. How are these carbon creditors empowering local communities? And how does it empower the symbiotic relationship between community and development alongside biodiversity conservation?

blockchain, really?

Blockchain technology and other technologies for tracking and reporting carbon emissions are not the solution in this case. There are larger issues that require grassroots level implementation and continuous monitoring of overall community well-being, empowering landowners and the benefits they derive from their overall engagement.

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