Chainlink, a blockchain-based oracle service provider, has partnered with the OpenEarth Foundation, a non-profit organization dedicated to innovative climate solutions, and the University of California Berkeley to fight global climate change. The partnership will see these organizations deploy an oracle on the blockchain through Chainlink, which will help accurately measure the true cost of carbon emissions to businesses, so they properly embrace sustainability principles.
Save the world!
The fight against climate change has gained new momentum in the last decade, as governments and companies around the world have realized the need to adhere to rigorous sustainability practices. One of these ways is to measure the carbon footprint of companies in relation to the economic and social damage they can cause.
This estimation translates into the true cost of carbon emissions, and existing models offer very different solutions that may not help accurately measure the impact of these carbon emissions for every business. The oracle service introduced by the trio will seek to provide companies with the true cost of their carbon emissions through the adoption of the latest scientific models.
There are many ways that businesses consume energy and emit carbon into the atmosphere, and the collective impact of these emissions has an effect on agriculture and even health. With the accurate estimation of the cost of these impacts that the Chainlink oracle service will provide, it will be easy for businesses invest in sustainable energy initiatives. Charlie Moore, Head of Carbon and Sustainability Solutions at Chainlink Labs;
We are excited to see OpenEarth leverage the Chainlink network to help provide greater carbon pricing transparency in transition planning and financing activities. Using this Carbon Pricing Oracle, powered by Chainlink, organizations are better able to account for all social aspects, energy projects and other factors impacting the social cost of carbon.
Chainlink and climate change: taking advantage of the blockchain
Blockchain technology is growing at a very fast pace and its use cases are increasing across all industries. The collaboration between Chainlink and OpenEarth and the University of California Berkeley demonstrates why the fundamental characteristics of these technologies still matter.
With Chainlink also in an active partnership with the SWIFT network, the influence of blockchain is rapidly spreading beyond the borders of finance and, with the use cases outlined by the trio's partnership, will be very useful in the fight against climate change. According to the announcement of the partnership, companies will be able to use Chainlink's carbon price oracle flexibly and dynamically over a long period of time.
Rather than as one of the price estimators, companies will easily be able to adjust their carbon price based on new regulations, scientific models, or other constantly changing factors or conditions.
Beyond the primary objective of this oracle service, developers of the Web3.0 ecosystem will also find the new Chainlink service useful for creating innovative smart contracts that can help organizations fight climate change around the world.
