Home News United Citizens Organization launches as a blockchain initiative at COP26

United Citizens Organization launches as a blockchain initiative at COP26

406
0

A slew of specialists from the tech-environmental sector talked to global citizens from all over the world on Wednesday at a COP26 news conference in Glasgow, Scotland, on using blockchain technology to improve climate action coordination and support.

The GloCha United Citizens Organization for Climate Empowerment, a blockchain-based quasi-international organisation based in Klagenfurt, Austria, was established during COP26 as a blockchain-based quasi-international organisation. It will now try to use blockchain technology to help achieve climate change goals. That are in line with the UN’s Sustainable Development Goals.

The UCO is based on the ACE AT (Action for Climate Empowerment Innovation Project), and GloCha (Global Challenges Action Empowerment Consortium). Its goal is to open up dialogue on society’s collective vision for climate action and to empower large-scale resource mobilisation.

GloCha has collaborated with young climate organisations such as the UN-Habitat Youth Programme and the Climate Chain Coalition, among others. In order to build the technology and institutional infrastructure needed to accomplish the UN’s Sustainable Development Goals. Through impact-oriented entrepreneurial models.

Using blockchain technology to mobilise financial and human capital

Romi Sumaria, co-founder and CEO of Oblique Life, spoke on the potential for using blockchain technology to mobilise financial and human capital for climate change projects. Saying:

“Blockchain will enable us to ensure that individuals investing in these initiatives have a clear understanding of where their money or time is going. As well, what metrics they’re looking at, and what their return-on-impact (ROI) is.”

Besides, according to the organization’s strategy, they plan to release a whitepaper report in late February 2022. Followed by a registration offering in early April.

Additional possibilities include the distribution of carbon footprint compensations through Cryptostamps, resource mobilisation via DAOs. As well as support for a number of societal participation projects.

Over the next months, UCO will engage with different government regimes. In order to create these relationships, with deployment slated to begin at the COP27 in November 2022. Which will be hosted by Africa.

On the other hand, Dairou Sidiki, the CEO of APCD Chad and a long-time GloCha partner, spoke on the necessity of involving African individuals in problems of sustainable development. And encouraging the development of new solutions.

“We believe that forming this collaboration to generate funds and mobilise resources for climate action in Africa, particularly, is a fantastic concept. As is taking into account what Africans can provide as answers. As well, assisting them in putting these ideas into action on the ground.”

Several thought leaders in the environmental and crypto ecosystems have highlighted legitimate worries about the escalating energy-intensive activities on blockchain networks like Bitcoin during the COP26 meeting.

Digital asset’s strong reliance on fossil fuels

Climate scientists have expressed concern about the leading digital asset’s strong reliance on fossil fuels. In order to support mining activities, which are a key component of its foundation and operations.

The Bitcoin Electricity Usage Index, published earlier this year by an experienced research team at the University of Cambridge, found that Bitcoin consumes 121.36 terawatt-hours yearly. A staggering statistic that puts it ahead of whole countries like Argentina in terms of energy consumption.

In recent months, a number of cryptocurrency companies have garnered traction for their efforts. In order to investigate and build ways to decarbonize blockchain activity.

This year, Square partnered with Ark Invest to disseminate a memorandum stating that Bitcoin offers unique potential. In order to drive innovation and adoption of a green network grid powered entirely by renewable energy sources.

To measure the ease of transitioning to green production, analysts use analytical data indicators like the Levelized Cost of Energy, or LCOE. As well as transmission capacity, The report came to the following conclusion:

“We think that the Bitcoin and energy markets are merging. And that today’s energy asset owners will likely become tomorrow’s miners.”

Previous articleAustria to tax cryptocurrencies like stocks and bonds
Next articleChinese retail giant JD accepts digital yuan payments for Singles Day