The COP28 in Dubai saw a research institute of the UAE announcing a blockchain platform focusing on tracking and trading carbon emissions, leading to net zero goals.
COP28, the annual climate conference, was held in Dubai, UAE, in 2023. The recently concluded event saw world leaders deliberating on climate change and the strategies to mitigate it in the future. The latest event also saw a leading research institute in the UAE unveiling a blockchain platform. The blockchain platform will help trade and track carbon emissions.
The carbon trading platform will mark a slew of new crypto use cases. On the other hand, the UAE government has also made efforts to reduce emissions to achieve a net zero target. The Technology Innovation Institute’s (TII) Cryptographic Research Center, the institute that built the platform, also published a press release. It stated the blockchain platform will enable the trading of carbon tokens related to green projects and investments.
“We are proud to announce this digitized tracking and trading platform at COP28, which represents the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda. The UAE has provided the tool to ensure that trading can be done in confidence while mitigating human impact and maximizing the benefits to the environment,” said the institute’s CEO, Dr. Ray O. Johnson.
The statement by the institute further explained how the carbon trading platform works. It said the platform will track emissions from global organizations. Meanwhile, auditors can create audited transmissions for emissions, capture, trading, and storage using blockchain technology. It could be a turning point for crypto use cases in the climate tracking industry.
With its crypto-friendly actions, the UAE has become a hub for the industry. A crypto zone also opened in the country in 2023, marking a new era for the crypto space.
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