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Blockchain for climate action

The European Commission aims to use innovations in blockchain technologies to help fight climate change.

© Markus Spiske from Pexels

Blockchain technologies: Digital innovations to enable climate action

Blockchain is a powerful tool that can significantly improve the transparency, accountability and traceability of greenhouse gas emissions. It helps companies provide more accurate, reliable, standardised, and readily available data on carbon emissions.

Blockchain can be utilised through smart contracts to better calculate, track and report on the reduction of the carbon footprint across the entire value chain. It can provide instant authentication, verification of real-time data and clear data records.

Blockchain technologies can transform individual efforts of companies into a networked effort. At the same time, it can clearly pinpoint the contributions individual actors make to reduce their carbon footprint. The spirit of competition and market-based incentives create a win-win situation for all.

Clean technology startups play a critical role in this process. They develop blockchain-enabled platforms that bring together all stakeholders, including companies, government and citizens.

The decentralised approach of blockchain provides both breadth and depth, as it engages and enables everyone to participate in the calculation. It allows for tracking and reporting of reductions in greenhouse gas emissions along the entire supply chain, including manufactures, suppliers, distributors and consumers.

Innovations in blockchain technologies are powerful enablers for collective action to fight climate change. Recognising the unique value of clean technology startups in this process is of great importance. Public and private investors are starting to take notice of their unique value.

Key activities

  • To promote the development and adoption of blockchain technologies  best suited to overcome the tragedy of the commons and incentivise actors to reduce their carbon footprint and consider the societal impact of their actions;
  • To develop technical assistance and investment programs that support blockchain-based digital innovations that contribute to climate change mitigation and adaptation;
  • To accelerate blockchain-based solutions that establish a network between suppliers and consumers, moving beyond the individual to include all societal stakeholders;
  • To support sustainable finance initiatives and promote the use of blockchain-enabled technologies for financing climate actions, through green bonds, fintech solutions and alternative finance mechanisms;
  • To support EU countries and national government agencies to collaborate in the development and adaptation of blockchain-based solutions that support climate actions and the reduction of greenhouse gas emissions;
  • to develop partnerships with strategic partners, including UN agencies and international financial institutions, such as the World Bank, the European Investment Bank, and the European Bank for Reconstruction and Development;
  • To support the strengthening of the clean technology innovation ecosystem in Europe and improve access to finance for clean technology startups and SMEs.

Latest

The Commission’s European Innovation Council awards €5 million to blockchain solutions for social innovations

The European Innovation Council (EIC) Prize on Blockchains for Social Good has awarded €5 million to six winners selected in a call to identify scalable, deployable and high-impact blockchain solutions for societal challenges. The winning solutions propose blockchain applications for fair trade and circular economy, increasing transparency in production processes and quality information, improving accountability and contributing to financial inclusion and renewable energy.

The European Commission has selected the new partner to operate the EU Blockchain Observatory and Forum

After a competitive process following a call for tenders announced in October 2019, the European Commission has selected a consortium consisting of INTRASOFT, the University of Nicosia, the Centre for Research and Technology Hellas (CERTH), and subcontractors (including Bitfury Group, OpenForum Europe AISBL, White Research, PLANET S.A.) as the new partner to operate the EU Blockchain Observatory and Forum, taking over the role from the consortium led by ConsenSys A.G.

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Big Picture

Blockchain Strategy

The EU wants to be a leader in blockchain technology – not just by using it but also as an innovator and as a home to significant blockchain platforms, applications and companies.

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European Blockchain Services Infrastructure

The European public sector is playing a trailblazing role in blockchain by building its own blockchain backbone infrastructure for the public sector with, over time, interoperability with private sector platforms. This is known as the European Blockchain Services Infrastructure...

Blockchain standards

The European Commission takes an active role in the blockchain standards community, engaging and working closely with all relevant bodies around the world.

European Blockchain Partnership

The European Blockchain Partnership (EBP) is an initiative to develop an EU strategy on blockchain and build a blockchain infrastructure for public services.

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