Design and Analysis

Blockchain-Based Currency to Promote Carbon Emission Reductions

04 December 2017

Source: Blue FoundationSource: Blue FoundationBlue Foundation, a Swiss-based foundation working to lead the transition to zero-emission cities by 2050, has announced the launch of the Bluenote. This new blockchain-based currency is intended to stimulate investment in zero-emission cities. The first Bluenote projects leveraging the blockchain platform will be investments in emission-reducing technology upgrades of commercial office buildings.

The initial coin offering (ICO) for the Bluenote token sale has already launched for private investors and will be open to the public shortly.

Thirty percent of global carbon dioxide emissions are caused by buildings and the electricity they consume. At the same time, energy-efficiency investments have been shown to be the least-expensive method of reducing CO2 emissions.

The initial building retrofit projects will demonstrate how the platform can create new markets to identify, finance and implement replicable initiatives that achieve environmental, economic and social benefit. The Bluenote will operate on an open and transparent platform, allowing any number of "Blue" projects to upload their raw performance data and receive a community-verified calculation of the carbon-emission reduction or social impact – a permanent, tradable attribute that is traceable to its data source.

The launch of Bluenote comes on the heels of recent discussions among international climate experts at the 23rd annual COP23 conference in Bonn, Germany, where the world's climate negotiators sounded a clarion call for major new investment in low-carbon strategies. Bluenote will fulfill the need articulated by the conference's attendees – in particular by unlocking the opportunity for $1.5 trillion in new climate investments each year in order to meet the goals of the Paris Accords.

Private capital and markets have played a role in carbon emission reduction policies when outcomes are easy-to-measure – such as renewable energy-generation at its meter – but fail to take off when results are harder to measure. The Bluenote data-analysis platform will bridge this gap, leveraging the transparency and auditability of blockchain to help users streamline and even automate data analysis and gain insights to fuel and justify investments. Third parties will be able to develop other modules to analyze their own unique emission reduction projects.

To contact the author of this article, email sue.himmelstein@ieeeglobalspec.com


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