Unleashing the power of Climate Markets Using Blockchain

According to a report shared by Creating Markets for Climate Business, developing nations can fulfil the targets pledged in the landmark Paris agreement by catalyzing huge investments made by private firms through a combination of innovative business models and intelligent policy reforms. While more than 1 trillion have already been invested in climate related projects globally, much more investment can be triggered by building right business conditions in the emerging markets.

While different nations function under different governance rules and technological systems, the information regarding Mitigation outcome (MO) is still collected in different spreadsheets, repositories, databases etc. These reflect the registries and pipeline activities at the country, institution and regional level. Due to the incongruence between systems and processes market integration gets constrained, which results in complex transaction.

The World Bank’s Approach to Next-Generation Climate Markets: Empowering participation in the energy transition with blockchain

The World Bank’s Carbon Markets and Innovation team is coming up with a climate warehouse ecosystem to establish the viability of decentralized technology solution like Blockchain. This will help connect climate market systems while promote trust and transparency among market participants.