Key Points:

  • The Solana Foundation and the blockchain platform Ripple are collaborating with the industry body Global Blockchain Business Council (GBBC) to advance the deployment of encryption-based solutions to tackle climate change.

  • The initiative aims to formulate principles of collaboration and methodologies for climate-related blockchain activities in many sectors, as well as business applications for climate-crypto enterprises.

The Solana Foundation and the blockchain platform Ripple announced on January 17 that they are collaborating with the industry body Global Blockchain Business Council (GBBC) to advance the deployment of encryption-based solutions to tackle climate change.

Solana Foundation, Ripple, and GBBC have formed partnership to support crypto climate change solutions. The Blockchain x Climate Leadership Network (BxC) is a new non-profit organization that intends to be “the greatest single collective gathering of climate action innovators, leaders, and builders worldwide.”

In the fall of 2022, BxC, formerly known as the Blockchain Infrastructure Carbon Offsetting Working Group (BICOWG), brought together members from major cryptocurrency and environmental organizations in Colombia. Some of the working groups formed at that meeting are still active today and will form the foundation of BxC. These groups are working on carbon market registries, standards and auditability, policy formulation, regenerative finance, and emerging markets in the global south.

This year, the presence of cryptocurrency on the promenade outside the main forum center is comparably low, and the sector is making a determined effort to draw attention to initiatives with real-world applications and social benefit.

According to Hwang – BxC strategic adviser, who works on creating the infrastructure for the initiative, such as carbon credit measurements, which calculate the lowered amount of greenhouse gases produced by human actions, his team has been gathering every week for the last two and a half years hosting workshops and forums concentrated on education. The initiative aims to formulate principles of collaboration and methodologies for climate-related blockchain activities in many sectors, as well as business applications for climate-crypto enterprises.

Efforts to use cryptocurrency to promote climate change mitigation efforts are mostly focused on developing new economies that do not affect the environment. The Solana Foundation and Ripple are founding partners, while the environmentally conscious layer 1 blockchain Regen Network and the environmental advocacy group Climate Collective are supporting partners. The program will be led by GBBC and Eqo Networks, which specializes in developing such climate-conscious leadership networks. The crypto climate is looking forward to the positive change after the collaboration among the three organizations which are Solana, Ripple, and GBBC

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