SAN FRANCISCO, May 09, 2022 (GLOBE NEWSWIRE) – Today, in response to the White House Office of Science and Technology Policy (OSTP) request for information on the energy and climate implications of digital assets, the Blockchain Infrastructure Carbon Offset Working Group along with more than 30 projects benefiting From blockchain technology to climate impact, I submitted public comments independently and jointly for OSTP consideration. The submissions mark the entry of the rapidly expanding ReFi industry into federal policy discussions about future regulatory frameworks for digital assets and blockchain technology.
Led by the Blockchain Infrastructure Carbon Offset Working Group (BICOWG), whose membership includes cutting-edge ReFi projects such as KlimaDAO, Offsetra and Regen Network, as well as representatives from the largest blockchain infrastructure service providers such as F2Pool for Bitcoin and stakefish of Proof of Stake auditors, the industry today presented Its official response to OSTP’s request for information along with President Biden’s executive order on ensuring the responsible development of digital assets. The main recommendations made by the industry include:
BICOWG’s Five Recommendations
Recommendation 1: Accepting expert advisory and due diligence blockchain solutions being certified for carbon markets to ensure appropriate validation, governance and transparency.
Recommendation 2. Organize in favor of mechanically flexible methodologies provided by on-chain solutions that can meet the optimization needs of today’s traditional carbon markets.
Recommendation 3: Allowing Web3 tools to help carbon records keep the cost of claims audits as close to zero as possible and de-incentivize opaque audits.
Recommendation 4: Support the integration between existing standards setting bodies and Web3 technologies by formulating their standards for adoption in the Web3 ecosystem. This can include managing cryptographic keys and overseeing configurable protocols that interact with each other in setting up buildable blockchain applications in the climate ecosystem.
Recommendation 5: The Carbon Bridge Sector supported Web3 in its mission to increase the transparency and integrity of carbon accounting systems, challenging carbon records.
“The climate crypto ecosystem of operators within the tokenized carbon market has understood the responsibilities of addressing the climate impacts of blockchain and has made significant innovative strides in climate finance and new climate-neutral products,” said BICOWG’s Daniel Huang.
BICOWG is inviting officials and organizations to engage in a comprehensive dialogue on data points and use cases at the intersection of digital assets, climate change, and blockchain technology.
“Blockchain technology provides unparalleled transparency, access, and functionality to the carbon market. In the past six months, more than $2 billion of carbon assets have been traded on the blockchain. In the process, the market has set clear prices and deep liquidity for carbon assets enabling new investment in environmental projects that generate real action toward combating climate change,” said C. Ziggy, Chief Product Officer at KlimaDAO. Said Si Zighy, co-founder of KlimaDAO.
BICOWG believes that organizations using Web3 tools to fund climate change reversal are in a unique position to help regulators determine how to achieve the goals set by the Biden administration.
For additional information, please contact Natacha Rousseau at the BICOWG press office.
Natasha Russo
natacha@loalabs.io
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Picture 1: BICOWG
Carbon Offset Working Group for Blockchain Infrastructure
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