India, one of the most populous countries in the world, faces a tremendous challenge when it comes to sustainability. To combat this, the government has taken several initiatives to reduce its high demand for coal, oil and biomass for its energy needs. In order to move forward with sustainability, businesses must build and lead with sustainable practices. Blockchain technology is one of the best solutions for this, as it can improve market efficiencies, provide safer analytics for social policies, diversify good governance, and create new investable asset types.
The World Economic Forum report anticipates that India’s decarbonization journey is estimated to represent a $15 Tn economic opportunity by 2070, creating close to a staggering 50 Mn net new jobs. More than 57 Indian companies have committed to more than 95 emission reduction targets, and 400 Indian companies are already signatories to the UN Global Compact.
Distributed ledger technology (DLT) and smart contracts have proved their mettle as instruments of change, shifting the very ground on which ESG claims are taking root. If more Indian companies adopt blockchain as part of their sustainability practises and policies, the country and the world can reach their ambitious goals for a greener future. Blockchain technology can improve market efficiencies, provide safer analytics for social policies, diversify good governance, and create new investable asset types. The use of this technology is a step in the right direction in order to create a more sustainable future.
The restructuring capability of blockchain and the concept of carbon credits.
Blockchain technology is being used to create a more transparent and efficient carbon credits market. The global carbon credit market...