Today, November 30, 2023, marks the commencement of the 28th Conference of Parties (COP28) in Dubai, UAE. In this article, learn how fintech companies like Monetix.io and other companies in AI & blockchain industries can contribute to the objectives of COP28. If you are a fintech, AI & blockchain enthusiast, this is for you.
What is COP28?
Since 1992, the United Nations Framework Convention on Climate Change (UNFCCC) has convened annual meetings to bring nations together to formulate a global response to the climate emergency. Some of the remarkable agreements made during these conferences include the Kyoto Protocol (1997) and the Paris Agreement (2015).
Check out more details of the #COP28 event here: https://www.cop28.com/
Why it matters?
COP28 is crucial because it assesses how much progress the world has made in tackling the climate crisis and determines the necessary corrections. Its main goal is to evaluate global efforts to limit global warming to 1.5°C above pre-industrial levels. The conference also serves as a timely opportunity to outline a plan for accelerating climate action, addressing the shortfall in meeting the Paris Agreement goals. COP28 will discuss key issues like sustainable finance, data verification gaps, and the future of fossil fuels, aiming to uphold the agreed goal of limiting long-term global temperature rises to 1.5°C, established by nearly 200 countries in Paris in 2015.
How do the FinTech, AI, and blockchain industries contribute to the objectives of COP28?
Fintech is a key player in COP28, driving innovative solutions for climate action. This includes boosting sustainable finance, tackling climate change, and filling data verification gaps. Fintech tools, like AI for sustainable finance reporting and blockchain for transparency, are crucial for shaping sustainable finance standards and ensuring efficient capital distribution.
The fintech industry, using existing anticorruption structures and forming coalitions strategically, can transform climate change mitigation and governance at the heart of the climate response. In the broader picture, fintech innovations are vital for financial institutions and the banking industry to balance climate goals with energy affordability and security.
Check the Blockchain Sustainability Index to identify the greenest blockchain options in the market, supporting the objectives of #COP28.
To sum up…
COP28, facilitated by the UNFCCC since 1992, is pivotal in evaluating global progress on climate action, aiming to limit warming to 1.5°C. The FinTech industry plays a crucial role by innovatively addressing issues like sustainable finance and climate change, contributing to the broader goal of balancing climate objectives with financial stability and energy security.
