Yesterday, the Green Chain Initiative was launched to use blockchain to increase renewable energy use in manufacturing. It was unveiled by the Global Manufacturing and Industrialisation Summit (GMIS), which in turn is backed by the UAE and UN Industrial Development Organisation (UNIDO). The project claims to be endorsed by several major industry bodies in Germany.
“The Green Chain Initiative will crowdsource renewable energy projects that will use 4IR (fourth industrial revolution) technologies to create the outcome of a greener planet for all,” said Badr Al-Olama, Head of the GMIS organizing committee. He continued that industries will “produce green products by decarbonising their manufacturing facilities.” In turn, consumers will opt for “green cryptocurrencies to purchases these products.”
The initiative is a global one, but Al-Olama said that Germany is the co-lead. He listed numerous German industrial organizations as endorsing the project, including the Federation of German Industries (BDI) and the Association of German Chambers of Commerce and Industry (DIHK). BDI and DIHK confirmed to Ledger Insights that they are supporting partners.
Dr Hiroshi Kuniyoshi, Deputy Director-General of UNIDO said that innovative technologies are needed to address C02 emissions. “Manufacturing and industry needs to help the whole world by actively working on that direction and we all need to work together to achieve this,” he said.
To shape the project, the GMIS formed a working group that includes UNIDO, BDI, DIHK and several other German industry bodies.
Blockchain has been used in numerous renewable energy initiatives, although its progress has perhaps been slower than one might expect. Part of that relates to the need for standards, a topic that is being addressed.
In terms of sustainability, numerous green bond initiatives are exploring blockchain. This includes one from SEB and the German government and the Sustainable Digital Finance Alliance, which released a paper in conjunction with HSBC.