BSV Global Blockchain Convention Highlights How Blockchain Can Save The Environment – CoinGeek
The days of voluntary carbon disclosure are now over, and around the world regulators are cracking down on companies as we strive to reduce global greenhouse gas emissions. At the BSV Global Blockchain Convention, three experts from various industries took the stage to discuss how blockchain can change the field of environmental, social and corporate governance (ESG) when digital assets have been judged not to environmentally sustainable.
To keep up with the new carbon offset requirements, almost every other business relies on carbon offsets, which has led to parabolic growth in this industry over the past decade. And that’s just the beginning, with nChain communications director Sean Griffin moderating the panel, noting that Bank of America has predicted the market will need to grow 50 times to meet growing demand.
On stage were Brian de Clare, a veteran of the natural resource trading industry and CEO of Ackareen Inc.; Andrew Parker, EVP for Hydrocarbons at SPL; Thomas Giacomo, Head of Product Development at TAAL (CSE: TAAL | FWB: 9SQ1 | OTC: TAALF); and Kevin Stower, CEO of Sand Dollar Ventures.
Brian has spent over four decades in commodity markets and the last 15 in carbon markets. As he told the audience, the latter faces more issues than there was time to discuss. However, there are two that blockchain can easily solve, the first of which is capital allocation. Blockchain can also help the carbon offsets industry “with pricing and associated risks regarding legislation, ownership, title, etc.”
Sand Dollar’s Stower has helped several companies adapt to changing technology over the past two decades, and as he told the audience, he believes the time is right for blockchain in the industry. carbon credit.
Blockchain will make the industry “stable, constant, global, accessible and attestable”. It’s going to be critical.
For a very long time, ESG compliance has been a top-down approach, with leaders at the top not caring how their juniors handle it. However, regulators today favor the integrated bottom-up approach and require data on each stage of the value chain.
This need for authentic data is the main reason why blockchain technology is needed in the ESG sector, believes SPL’s Parker. Parker has worked with the fossil fuel and energy sectors for years, focusing on carbon emissions.
“ESG is about data, at its core,” he said. “I think the ability to apply technology like blockchain makes a lot of sense to track that data as it changes provenance. And then you have the added benefit that blockchain is immutable,” he said. added.
One of the main benefits of more credible data would be the normalization of the global carbon credit market. Still nascent, this market is very fragmented between different countries and regions. As Brian pointed out, sometimes you’ll find offsets for a tonne of carbon are over 100 euros in Europe, but only $5 in some Asian markets. There are even disparities within some countries between states.
Brian thinks blockchain is the best solution if we want to have a common price for carbon credits globally, which was one of the goals set at the 2021 UN Climate Change Conference, more commonly referred to as COP26.
“If we can track emissions directly from the source and incorporate them directly into the price itself, then all of a sudden we have the clarity and the ability to set the price correctly,” he noted.
The carbon emissions and offsets industry may seem reserved for big business, but as the panelists noted, it affects us all in one way or another. When you buy a bottle of water, for example, you are charged a recycling fee, which represents your contribution to this industry. As such, we all need to care and hold companies to account.
And while blockchain in carbon credits and the commodities industry as a whole is a boon, it will take some time to be accepted and onboarded by incumbents, panelists agreed. After all, they’ve been used for different business models over the past couple of decades or so, and as such, disruption won’t be that easy.
But the revolution will come, and the logical starting point is education. Stower called on the public and all blockchain fans to spread the word about how blockchain can change the industry and, if able to do so, to demand authentic and credible data, which cannot be done only on the blockchain.
Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:
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