Blockchain in Energy Forum
Green Assets Wallet is showcased during Climate Week NYC at the Blockchain in Energy Forum
“Being in New York during Climate Action Week and presenting the Green Assets Wallet was inspiring. This was a great catalyser for GAW as a tool to scale up green finance.” Bernhard Schiessl, Advisor Climate Finance, CICERO and partner to the Green Assets Wallet.
As New York was clearing up its streets from the youth protests and the busyness leading up to the Climate Action Summit, Bernhard presented the Green Assets Wallet (GAW) at the latest Blockchain in Energy Forum on September 25, 2019. The event, hosted by Greentech Media, was designed to help utility firms to successfully deploy or utilize blockchain technology for new energy solutions.
The key takeaway from the conference was that blockchain is becoming more and more a standard architecture - a tool to facilitate processes for utilities. During the panel, ‘A whole new level of transparency: The impact of blockchain on renewable credit tracking and green financing’ Bernhard showcased how GAW works to support the scaling up of green finance, especially in the context of emerging markets.
“The largest institutional investors in the world still collect impact data on green finance manually. With GAW, this is a thing of the past. The data, for example from utility companies, are recorded on the blockchain, tracked, validated and visible in investors‘ portfolios.“
As large asset managers and financial data providers are still collecting data manually to generate impact reports, for example from energy and utility companies, the Green Assets Wallet stands as an efficient and highly time-saving platform, providing immutable and trustworthy data.
The blockchain architecture of GAW delivers additional value through collection and validation of impact from different actors, especially in emerging markets. The Wallet is designed to make investible green projects available and accessible to investors, hence supporting the ambitions laid out to scale up green finance.
Green Finance – from Transition to Transformation
World leaders had gathered at the Climate Action Summit on 23 September, not far from the streets, where two days prior thousands of young people marched to join the global climate protest. The meeting was explicitly convened to push countries to do more to fight the climate crisis.
“The finance sector is instrumental for successful delivery of the SDGs, and it is such a reward being able to work on concrete solutions for mobilizing sustainable investment at a greater scale,” said Cecilia Repinski, Executive Director of Stockholm Green Digital Finance and project lead of the Green Assets Wallet.
To keep global temperatures below 1.5 °C, in line with the Paris Agreement, climate finance and green investments were explicitly outlined as key areas during the Summit. In a recent press release it was announced that a group of the world’s largest asset-owners (responsible for directing more than $2 trillion in investments) have committed to move to carbon-neutral investment portfolios by 2050. Furthermore, 130 banks (one-third of the global banking sector) signed up to align their businesses with the Paris Agreement and 12 countries made financial commitments to the Green Climate Fund (the official financial mechanism to assist developing countries in adaptation and mitigation practices). This came as an addition to announcements from Norway, Germany, France and the UK that have recently doubled their present contributions.