In a significant move toward sustainability, a government-affiliated research center in Abu Dhabi has introduced a blockchain-powered carbon tracking and trading platform. Announced during the United Nations Climate Change Conference (COP28) on December 5, the platform is designed to facilitate international carbon token trading linked to investments in eco-friendly initiatives like forestation and carbon capture.
Developed by the Technology Innovation Institute’s (TII) Cryptographic Research Center, the blockchain can monitor carbon emissions by registering data from public or private organizations worldwide. This initiative aligns with the United Arab Emirates government’s commitment to lowering emissions towards achieving net-zero targets.
Users of the platform can create tokens representing specific amounts of carbon dioxide removed from the environment, enabling transparent tracking throughout the supply chain. The blockchain’s versatile applications extend to peer-to-peer energy trading, waste disposal tracking, recycling activities, and forestry management.
To ensure transparency and security, auditors will be engaged in overseeing the platform’s operations. TII emphasized adopting a lightweight and efficient blockchain implementation to minimize computational waste, enabling cost-effective trading.
Ray O. Johnson, CEO of TII, expressed pride in launching the platform at COP28, highlighting the UAE’s ambition to lead the world in technology and innovation while actively contributing to global climate action.
Blockchain technology has been increasingly utilized for creating and managing carbon credits. In the broader blockchain space, there is a growing emphasis on reducing energy consumption. Solana Foundation has introduced a real-time carbon emissions tracker for its network, Ethereum transitioned to proof-of-stake to drastically cut energy consumption, and Bitcoin miners are increasingly turning to renewable sources.
The announcement adds to the momentum of COP28, which began on November 30 in Dubai and will continue until December 12. As the UAE solidifies its position as a technology and innovation hub, this blockchain-powered platform marks a progressive step towards a sustainable future and global climate leadership.
