Blockchain to Drive Climate and Development Impacts at Scale
Digital Solutions for Sustainability
Innovate 4 Climate Workshop in Frankfurt on 24 May 2018
Blockchain and Distributed Ledger Technology (DLT) are emerging as a force to transform the way climate action happens. This was emphasized in the session “Blockchain to Drive Climate and Development Impacts at Scale” on May 24 in Frankfurt, Germany. The discussion highlighted how blockchain can drive systems-level change in key sectors like land use, finance for development, and sustainable sourcing. Amongst the discussants were blockchain experts from Xpansiv Data Systems, policy makers from the Climate Ledger Initiative as well as sustainable finance experts from Öhmann and Stockholm Green Digital Finance.
The session took place as part of the Innovate4Climate Summit, which convenes global leaders from industry, government and multi-lateral agencies to embrace themes of climate finance, sustainable development, carbon pricing and markets.
The discussion highlighted the potential for the Green Asset Wallet (GAW), which is a BMZ-funded project of Stockholm Green Digital Finance and is executed in collaboration with GIZs Emerging Markets Dialogue on Finance. GAW aims to provide a blockchain-based technology to validate green investment claims. The GAW will thereby inject transparency and trust into the green debt market. This is particularly valuable in emerging markets in order to assist local actors with attracting capital. In general, the project will lower entrance barriers for green asset suppliers and potential investors.
Several speakers at the workshop mentioned the need for decreased costs of green asset transactions and for demonstrating the potential of blockchain applications. The GAW meets both concerns. It provides a unique platform that reduces search costs by supplying centralized information about the environmental impacts of investment projects. Furthermore, it is already at an advanced developmental stage, as the pilot phase has already been initiated. GAW’s full launch will be within 2018.
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