Climate Action

Francisco Benedito on the potential value of blockchain technology in tackling climate challenges

Ahead of the Sustainable Innovation Forum 2019 taking place in Madrid, Spain on the 10-11th December, we caught up with Francisco Benedito, CEO at Climate Trade, to discuss the potential value of blockchain technology in tackling climate challenges.

  • 26 November 2019
  • Rachel Cooper

Ahead of the Sustainable Innovation Forum 2019 taking place in Madrid, Spain on the 10-11th December, we caught up with Francisco Benedito, CEO at Climate Trade, to discuss the potential value of blockchain technology in tackling climate challenges 

 

Q. Let’s start with some background on Climate Trade and your role there?

I am the CEO at ClimateTrade, which is the breakthrough environmental platform where companies and citizens can easily offset their carbon footprint.

 

Q. Where will blockchain create the most value for tackling climate challenges as a disruptive technology? Are there any existing or expected preconditions and barriers which could prevent blockchain from reaching its full potential?

Blockchain as the technology used in ClimateTrade platform permits to eliminate intermediaries in the carbon markets, allowing therefore project developers to get the right price for their credits and the off-setters to know exactly where their money is going. It is a decentralised platform where both sides can connect peer to peer through Blockchain technology, a full trustworthy system which provides transparency, security and the traceability of all transactions. This technology not only ensures transparency, it can also help reduce transaction costs, increase efficiency, simplify contracts and improves invoice processing.

 

Q. How important is cooperation, such as the Climate Chain Coalition, in realising the benefits of blockchain for tackling climate change and accelerating its integration across sectors?

It is very important to create synergies among all actors. We recognize the great challenge and urgency of a global energy transition aligned with the goals of the Paris Agreement and blockchain technology and its application globally will permit to bring more transparency, security and traceability to all transactions. Coalitions and cooperation will bring the necessary strength and reputation to achieve all these goals.

 

Q. What is needed to ensure that disruptive innovation, emerging technologies and their accompanying business models avoid reflecting society’s existing unfair bases and environmental exploitation?

Basically, we need adoption and recognition by organizations and regulators worldwide, so every single transaction will be clear, transparent and outlined setting up a framework of justice and respect for the environment and the society’s actors involved.

 

Q. What is the importance of events such as the Sustainable Innovation Forum in supporting the acceleration of disruptive innovation?

These events are really important as they create the opportunity of demonstrating the disruptive technologies needed to achieve the goals described, permitting the right networking, and achieve the agreements and commitments needed.

 

Climate Trade is a Silver Sponsor of the upcoming 10th annual Sustainable Innovation Forum taking place alongside COP25, 10-11 December in Madrid, Spain. To learn more about the agenda, the panels, the speakers and how to register, visit the event's official website here.

Visit Climate Trade's website here