“leveraging its technology capabilities in areas such as Artificial Intelligence, Blockchain, and app development to work with charitable partners to address water and climate challenges. We are actively seeking partners who share our vision and are pursuing technology-based solutions.”
— RBC Tech for Nature
The Blockchain for Climate partnership with Ecotrust Canada has been working to advance Canadian progress toward its Paris Agreement targets by building a platform to unlock, through blockchain technologies, the country’s immense carbon mitigation potential. The Blockchain for Climate team has been working to deliver a blockchain platform that allows for the issuance, exchange, and utilization of carbon mitigation outcomes for application to Canada’s National Carbon Account.
The program received RBC Foundation grants in 2019 and 2020, and with this critical support, the team has made strong progress toward developing the platform. The Blockchain for Climate Foundation built a minimum viable product (MVP) of the Blockchain Internationally Transferred Mitigation Outcomes (BITMO) platform in 2020, after developing two iterations of a prototype for the BITMO Platform, enabling issuance and exchange of carbon mitigation outcomes, the first which was showcased at the UNFCCC COP25 in Madrid.
International collaboration on reducing greenhouse gas emissions is critical to halting climate change. A national accounting of emissions, connected through a ledger recording international transfer of emissions reductions, enables transparency and accountability on who is doing what for the climate. This in turn paves the way for proactive investment into climate projects, technologies, and policies by creating a financial pathway for incentivizing emissions reductions and increased ambition. Blockchain for Climate Foundation is building the tools to achieve this goal using blockchain technology.
The Blockchain for Climate partnership with Ecotrust Canada is grateful for RBC Foundation’s enabling support through the Tech for Nature program.