The struggle to tackle climate change is one of the defining characteristics of the 21st century. Although blockchain technology is usually associated with and applied to the business sector, this technology can actually prove an extremely useful tool in the battle against climate change, especially in a European context.
The EU is an outspoken public supporter of the implementation of blockchain technology in the battle against climate change and should serve as a positive example for those sceptical of its merits. As an increasingly green-focused organisation, the EU are taking active steps to incorporate blockchain technology into their climate change strategy in several ways. In collaboration with other international entities such as the UN and the World Bank, the EU are taking necessary measures to encourage businesses and national governments to follow in their footsteps.
The nature of blockchain's 'block' technology system allows for a more transparent and reliable reflections of green transactions and emission data. This allows governments to track their emissions data more effectively in a decentralized and unchangeable ledger. By extension, this also enables policymakers within global institutions such as the UNCCC to have an accurate interpretation of the international community's commitment to climate agreements, whilst highlighting areas or locations which require further incentivization.
Emerging blockchain technology is changing the face of strategies tackling climate change, which is implemented to a high level of success in various contexts. The EU's integration of blockchain technology into their approach toward the climate emergency should stand as a positive example which both businesses and nations worldwide should follow. The ease at which blockchain is able to improve efficiency, transparency and access to carbon data, transactions and information is not something which the world can afford to ignore. The climate crisis is escalating at an alarming level, and the world must take advantage of new technology which helps equip us with the means to tackle the crisis as productively as possible.