While blockchain is known for promoting concepts like cryptocurrencies, some projects want to use it to make a positive impact on the environment.
While he ran for President, Joe Biden made a conscious effort to remind everyone that climate change was top on his agenda. While many will have differing views about his presidency, one thing we can agree on is that he has kept his word about this one.
From rejoining the Paris Agreement to leading several summits on climate and environmental policies, the Biden administration has kept its word that it would at least try to make positive change with regards to the environment.
Build Back Better for a Bright Future
Over the past few months, President Biden has aggressively pushed for the United States to make progress with the environment. The current administration has launched different initiatives, including and especially one geared towards investing in climate-forward technology.
Back in October, President Biden unveiled the Build Back Better Framework – a $1.75 trillion spending framework that included a whopping $555 billion in clean energy investments. The framework, if taken up, will represent the largest climate investment ever put out by the United States – and most likely any other country in the world.
A Long Road to Ply
Interestingly, the funds earmarked for climate change spending will focus more on incentives – as opposed to the usual method of punishing companies that don’t comply. The initiatives are expected to immediately focus on pollution reduction, with the Biden administration hoping to cut up to one gigaton of greenhouse gas emissions by 2030.
Amongst the incentives earmarked include a decade-long expansion of tax credits for residential and utility-scale clean energy, storage, transmission, clean energy manufacturing, and the production of electric vehicles.
For now, it’s a battle in Congress for the framework. The plan is currently being held back because the Democrats don’t seem to have the support they need. Sen. Joe Manchin of West Virginia has failed to support the bill, and sources claim that the Senator and President Biden haven’t been able to see eye to eye on a way to get it passed.
Private Companies and Innovative Technology Have a Role to Play
While the world waits for the US government to finally get its act right and push for solutions to climate change, it is also worth noting that private companies have a horse in this race as well.
Industries like oil and gas and transportation have been known as some of the biggest contributors to climate change. Their actions have contributed immensely to this problem, and it is important for them to now look towards technologies that can help bring solutions.
For the automobile industry, the solution appears to be in electric vehicles. Tesla pioneered the move towards electric vehicles long ago, and pretty much every other car manufacturer is looking to jump on the bandwagon.
However, another way to keep in line with the current climate discussion could be with blockchain technology. While blockchain is known for promoting concepts like cryptocurrencies, some projects are hoping to use it to make a positive impact on the environment.
One such project – called Green Climate – is looking to bring transparency to the climate conservation industry. At the core of Green Climate is the WGC token, which powers its operations. The coin is available on several top exchanges, including Hotbit, PancakeSwap, and BitMart.
Green Climate is hoping to use blockchains to record data on atmospheric changes and efforts to plant trees. By enabling transparency, the platform is ensuring that everyone can track and monitor efforts to save the environment.
Green Climate is undoubtedly important when we consider the race to reach climate goals. Everyone understands that we need to do more to protect the environment, but accountability and traceability have so far been lacking. Blockchain technology can provide a solution to this, and that is where Green Climate is fundamental.
Technologies like these are just what the world needs as it moves towards a climate-forward future. They are also coming at an impressive time, with the world coming to know more about the benefits of blockchain. Everyone has a role to play in keeping the world safe, and it will be interesting to see how we move forward with this mission.
Please check out latest news, expert comments and industry insights from Coinspeaker’s contributors.
