The 2021 United Nations Climate Conference (COP26), where a technician demonstrated, took place in Glasgow, Scotland, culminating in the Glasgow Climate Charter, which brought nearly 200 countries closer to keeping global temperatures below 1.5 by 2100 degrees. …

The Conference continued to focus more on emissions reductions than on proposals made by developed countries to support developing countries, as outlined in the summary of the United Nations Energy Network in thematic ministerial forums which highlights important recommendations and milestones towards achieving SDG 7 in the area of ​​sustainable development and emissions Zero clean. Key elements of the global roadmap include:

Bridging the Energy Gap: Bringing electricity to the 760 million people around the planet who don’t have it. Providing clean, energy-rich cooking solutions to the 2.6 billion people who depend on harmful fuels.
A quick step towards clean energy: Leave all coal-fired power plants under development and reduce coal-burning capacity by 50% by 2030. Rapidly expand power conversion solutions to reach 8000 gigawatts of renewable energy by 2030 by increasing annual energy efficiency from 0.8% to 3.0%.
Leave no one behind: integrating equity and equity into energy sector policies through planning and financing, creating green energy jobs, and integrating energy sector policies and strategies into those driving equitable energy change.
Mobilizing Adequate and Targeted Finance: A Triple Global Investment in Clean Energy by 2030 to Accelerate Access to Finance. Phasing out inefficient fossil fuel subsidies to support the market transition to clean energy. Create an enabling policy and regulatory framework to increase private sector investment in clean energy.
Leveraging Innovation, Technology and Data: Scaling up energy innovations that address key gaps and increase demand for clean and sustainable energy technologies and innovations through market-driven guidelines, harmonized international standards, and carbon pricing mechanisms.
COP 26 made history as the first climate summit to explicitly include “phasing out coal” in its decision and establish new rules for carbon market mechanisms, often referred to as Article 6. A recent research article argued that creating an existing global carbon market would save the world around $300 billion annually by 2030.

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Article 6 of the Paris Agreement, which covers international cooperation including carbon markets, establishes new rules for trading carbon credits, which are metric tons of carbon removed or removed from the atmosphere. The new rules create an accounting system that prevents double-counting of emissions reductions and it consists of two parts: a central system open to the public and private sectors, and a separate binary system that allows countries to trade in credit. that they can use to achieve their decarbonization goals.

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Joseph Ballant, Director of Climate Innovation at Ecotrust Canada and founder and CEO of Blockchain for the Climate Foundation explained to me:

“Reducing emissions is soon the world’s most important and valuable asset.”
He continued, “The BITMO platform, built on Ethereum, enables cross-border collaboration to reduce emissions, share the benefits of clean energy and natural climate solutions, and improve infrastructure around the world.”

The BITMO platform is a project of the Blockchain for Climate Foundation that he created to promote Article 6 of the Paris Agreement and use blockchain technology to create a more efficient and effective global carbon market. It allows the issuance and exchange of “Internationally Transferable Blockchain Mitigation Results” (BITMO) on the Ethereum blockchain in the form of ERC-1155 intangible tokens (NFT). Each symbol represents one metric ton of carbon dioxide and the corresponding carbon balances are included in the NFT.

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Article 6 aims to link global emissions reduction opportunities to required capital and demand. For the global carbon market to reflect real emissions reductions, it must provide the infrastructure for scaling

Source: CoinTelegraph

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