South Pole part of establishing new Climate Chain Coalition launched by UN ClimateChange secretariat
To encourage exploration and eventual use of so-called distributed ledger technology (DLT, i.e. blockchain) in support of climate action, the UN Climate Change secretariat initiated and facilitated the creation of the Climate Chain Coalition and contributed to the writing of its charter of principles and values.
The coalition was established during the One Planet Summit on 12 December 2017 in Paris, France (on the second anniversary of the Paris Climate Change Agreement), by a multi-stakeholder group of 25 organizations working on and seeking to collaborate on the smart application on distributed ledger technology for climate action.
“The UN Climate Change secretariat recognizes the potential of blockchain technology to contribute to enhanced climate action and sustainability," said Massamba Thioye, who is leading UN Climate Change's work exploring DLT and blockchain.
DLT and blockchain could:
- strengthen monitoring, reporting and verification of the impacts of climate action
- improve transparency, traceability and cost-effectiveness of climate action
- build trust among climate actors
- make incentive mechanisms for climate action accessible to the poorest
- support mobilization of green finance.
“To fully and promptly mobilize this potential, broad collaboration among stakeholders is needed to direct resources to priority areas, avoid duplication of effort, and help avoid the pitfalls of working on a new technology with countless unknowns," said Mr. Thioye.
Global sustainability solutions provider South Pole is proud to be part of the group initiating the Climate Chain Coalition at the One Planet Summit in Paris.
“We are excited about the transformative impact this technology has the potential to create," says Ingo Puhl, co-founder South Pole. “We believe that DLT-based solutions can help unleash a sustainable development revolution by making substantial contributions to implementing the Paris Agreement and accelerating climate action. But we need to work together across industries to ensure the environmental integrity of its application."
Reach out to South Pole's team for more information on the company's role and activities in the Climate Chain Coalition.
This piece was originally published by the UNFCCC and edited by South Pole. Read the original piece here.