The recent Agenda podcast featuring an enlightening interaction with Energy Web CEO, Jesse Morris, has demonstrated the potential of blockchain technology in combating climate change. The continuous burning of fossil fuels and return of the El Niño weather phenomenon have led to alarmingly high global temperature records, prompting the scientific community to call for a rapid phasing out of fossil fuel consumption – a proposition that poses a considerable challenge to the power-intensive modern society.
An alternative to burning fossil fuels could lie in the adoption of clean energy outputs that do not release greenhouse gasses into the atmosphere. Organizations like Energy Web have been advocating for such a shift towards eco-friendly solutions.
In his interaction, Morris championed the need for revising the economics of climate change, stating practical, cost-effective technologies exist that can help us lessen the carbon footprint. He highlighted the need for better public policy messaging and a more pragmatic strategy towards climate change.
That called for two major actions – the first being to “electrify everything” and second, use a network of technologies that could efficiently manage the electricity system, thus negating the need for natural gas or coal-powered facilities.
The role of blockchain in these immaculate solutions is simple yet impactful. According to Energy Web, blockchain helps in creating on-chain representation of data that allows for tracking, for instance, ownership of a digital certificate representing a unit of green fuel.
While the effectiveness of blockchain in promoting clean energy usage is still under scrutiny, its potential to facilitate the transition cannot be denied. Nonetheless, there is also some skepticism about whether blockchain is more a solution or a problem itself. Critics argue that cryptocurrencies, most notably BTC, are significantly power-hungry, potentially outweighing the benefits derived from deploying blockchain technologies for energy consumption.
Further bucking the trend, the ‘Green Proofs’ solution offered by Energy Web requires more consideration. This includes Bitcoin miners using renewables, tracking green materials for battery production, and more. These steps might be small, but they pave the way for a greener future by motivating businesses to adopt sustainable practices.
The central theme in this rising discussion is whether the blockchain can indeed play its part in combating climate change. The technology is there; however, its effective deployment will determine its role in our fight against global warming.
Source: Cointelegraph
