Climate Tech Meets DeFi With Klima

Climate Tech Meets DeFi With Klima

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Now the Klima project has launched I will be paying attention to new developments. No one knows what will happen with Klima or with DeFi in general but as a fintech enthusiast, I encourage you to dive in and learn. DeFi could well be the framework for the future of finance.

The financial services industry is increasingly aware that ESG provides a significant opportunity to adopt net-zero pledges fintechs to sustainable instruments to develop new climate-related solutions.

KoBolds principal investors are Breakthrough Energy Ventures, a climate technology fund overseen by Bill Gates, Jeff Bezos, and other global business leaders and Andreessen Horowitz, the premier Silicon Valley venture capital fund.

Realizing that key benefits of blockchain technology could be applied to the carbon markets, Flowcarbon set out to bring carbon on chain to create democratized access to offsets and incentivize high impact climate change mitigation projects.

Carbyon is developing equipment to filter CO2 from the air and store it underground. The purpose of the company is to turn direct air capture into an affordable and scalable technology that can be used to turn the corner on climate change.

They believe the challenge of climate instability is the biggest opportunity for global mobilization ever. It is an opportunity to learn how to use technology to rebalance our ecosystems rather than further alienate us from them.

In recent months, millions of credits for offsetting greenhouse-gas emissions have been virtually tied to newly created cryptocurrency tokens and removed from circulation. Some market participants say the technology is bringing transparency to the unregulated voluntary carbon market and helping create new incentives for projects that benefit the climate. Not everybody is convinced.

Toucan, a nonprofit based in Switzerland, is one of several initiatives, not all using crypto technology, aiming to overhaul the voluntary carbon market with clearer pricing and ownership data. So far, more than 17 million carbon credits have been tied to BCT tokens. BCT was recently trading at around $5.50, meaning those carbon credits are now valued at more than $90 million on cryptocurrency exchanges.

A novel way to accomplish this is by using Web3 to tokenize carbon credits, which companies or individuals can purchase to offset their carbon emissions. By storing carbon credits as digital tokens, they enjoy the enhanced liquidity of blockchain technology, but are also more easily tracked and audited via third-party Oracles. Oracles can easily and safely integrate climate data and other off-chain data into the infrastructure of their smart contracts.

For its part, Polygon has announced its own Green Manifesto, essentially promising to achieve carbon-negative status in 2022. It further pledged $20 million in funding community initiatives that utilize technology to address their impact on the climate through their carbon emissions. Polygon announced their intentions to buy $400,000 worth of tokenized BCT and MCO2 carbon credits, which works out to the equivalent of about 90,000 metric tons of carbon emissions being offset. The announcement also indicated that Polygon would subsequently retire the purchased carbon offsets within the carbon token pools that demonstrate excellence in achieving their carbon offset targets.

Climate change has become one of the most pressing issues in the modern world with mounting pressure on companies to develop and implement climate strategies. Politicians around the globe have also been actively involved, with several nations pledging to go carbon-neutral in the next couple of decades.

The 2022 United Nations Climate Change Conference, or Conference of the Parties of the UNFCCC, was the 27th United Nations climate change conference. More commonly referred to as COP, the conference is one of the largest of its kind that sees attendance from top policymakers and tech CEOs.

COP27 ultimately resulted in minimal progress on loss and damage, with high-emission countries agreeing to compensate those countries enduring the brunt of the climate mayhem that they played a negligible role in causing. But, once again, no promise was made to stop the emissions fueling this disaster.

The annual climate carnival concept was probably not the best way to encourage meaningful action on global warming. The presence of the fossil fuel industry and continued failure to fulfill their intended purpose means the problem of climate change needs a modern solution, and for many, decentralized tech is the key that can benefit climate initiatives in the long run.

There have been significant advances in computational technology within the blockchain realm that can enhance the efficiency of these carbon markets. Blockchain tech can aid in the process of credit creation and validation. R.A. Wilson, chief technology officer at digital carbon offset trading platform 1GCX, told Cointelegraph:

Tegan Keele, KPMG U.S. climate data and technology leader, told Cointelegraph that blockchain, along with other technologies, certainly has the ability to help carbon credit markets in terms of traceability:

However, looking beyond energy consumption, some climate technology entrepreneurs are asking whether there are even greater opportunities that blockchain technology can be used to support and address the climate crisis.

One of the most promising approaches involves exploring how blockchain technology can reinvigorate the Voluntary Carbon Markets (VCM). While this market was touted as a game-changer in addressing global warming by incentivising GHG reductions, it has only recently begun to see widespread adoption as governments, individuals and corporates react to the growing evidence and urgency that our changing climate is an existential threat.

It is here where blockchain technology (and more specifically Ethereum, and Ethereum compatible blockchains) can help address market failures. With public and transparent distributed ledger systems and smart-contract enabled marketplace innovations introduced by decentralised finance (DeFi) protocols such as UniSwap and SushiSwap, new ways for transacting assets have emerged by using Automated Market Makers (AMMs). These solutions have already played a transformative role within the cryptocurrency ecosystem as new products require liquid and efficient markets to support their growth; without them, scale and adoption cannot be achieved.

1.5C emission pathways are defined as those that, given current knowledge of the climate response, provide a one- in-two to two-in-three chance of warming either remaining below 1.5C or returning to 1.5C by around 2100 following an overshoot. Overshoot pathways are characterized by the peak magnitude of the overshoot, which may have implications for impacts. All 1.5C pathways involve limiting cumulative emissions of long-lived greenhouse gases, including carbon dioxide and nitrous oxide, and substantial reductions in other climate forcers (high confidence). Limiting cumulative emissions requires either reducing net global emissions of long-lived greenhouse gases to zero before the cumulative limit is reached, or net negative global emissions (anthropogenic removals) after the limit is exceeded. {1.2.3, 1.2.4, Cross-Chapter Boxes 1 and 2}

Ethical considerations, and the principle of equity in particular, are central to this report, recognizing that many of the impacts of warming up to and beyond 1.5C, and some potential impacts of mitigation actions required to limit warming to 1.5C, fall disproportionately on the poor and vulnerable (high confidence). Equity has procedural and distributive dimensions and requires fairness in burden sharing both between generations and between and within nations. In framing the objective of holding the increase in the global average temperature rise to well below 2C above pre-industrial levels, and to pursue efforts to limit warming to 1.5C, the Paris Agreement associates the principle of equity with the broader goals of poverty eradication and sustainable development, recognising that effective responses to climate change require a global collective effort that may be guided by the 2015 United Nations Sustainable Development Goals. {1.1.1}

Climate adaptation refers to the actions taken to manage impacts of climate change by reducing vulnerability and exposure to its harmful effects and exploiting any potential benefits. Adaptation takes place at international, national and local levels. Subnational jurisdictions and entities, including urban and rural municipalities, are key to developing and reinforcing measures for reducing weather- and climate-related risks. Adaptation implementation faces several barriers including lack of up-to-date and locally relevant information, lack of finance and technology, social values and attitudes, and institutional constraints (high confidence). Adaptation is more likely to contribute to sustainable development when policies align with mitigation and poverty eradication goals (medium confidence). {1.1, 1.4}

Multiple forms of knowledge, including scientific evidence, narrative scenarios and prospective pathways, inform the understanding of 1.5C. This report is informed by traditional evidence of the physical climate system and associated impacts and vulnerabilities of climate change, together with knowledge drawn from the perceptions of risk and the experiences of climate impacts and governance systems. Scenarios and pathways are used to explore conditions enabling goal-oriented futures while recognizing the significance of ethical considerations, the principle of equity, and the societal transformation needed. {1.2.3, 1.5.2}

The assessed pathways describe integrated, quantitative evolutions of all emissions over the 21st century associated with global energy and land use and the world economy. The assessment is contingent upon available integrated assessment literature and model assumptions, and