- Chainlink will help provide Carbon pricing oracle models alongside OpenEarth and UC Berkeley.
- Chainlink’s integration in the fight against climate change can open access to Web3 innovations.
Blockchain-based oracle service provider, Chainlink has partnered with the OpenEarth Foundation, a not-for-profit working to bring 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 that will help in accurately measuring the True Cost of Carbon emissions for firms to properly embrace the tenets of sustainability.
The fight against climate change has taken new momentum over the past decade as governments and corporations around the world have seen the need to adhere to strict sustainability practices. One of these ways is for firms to measure their carbon emission footprints in relation to the economic and social harm it may cause.
This estimation is embodied in the True Cost of Carbon emissions, and existing models offer a very diverse solution that may not help in accurately measuring the impact of these carbon emissions for each company. The oracle service that is being introduced by the trio will seek to provide firms with the true cost of their carbon emissions through the adoption of the latest scientific models.
There are many avenues by which firms expend energy and emit Carbon into the atmosphere, and the collective impact of these emissions has an effect on Agriculture and even on health. With the accurate estimation of the cost of these impacts that the Chainlink oracle service will provide, it will be easy for firms to invest in sustainable energy initiatives. Charlie Moore, Head of Carbon and Sustainability Solutions at Chainlink Labs;
We’re excited to see OpenEarth leverage the Chainlink Network to help provide greater transparency in the pricing of carbon in transition planning and financing activity. By using this Carbon Pricing Oracle, powered by Chainlink, organizations are better able to account for all social aspects, energy projects, and other factors that impact their social cost of carbon.
Chainlink and Climate Change: tapping the benefits of blockchain
Blockchain technology is growing at a very fast pace and its use cases are growing across the board. The partnership between Chainlink and OpenEarth as well as the University of California Berkeley presents evidence of why the core features of these technologies remain important today.
With Chainlink also in active partnership with the SWIFT Network, the influence of blockchain is fast spreading beyond the confines of finance, and with the use cases outlined by the trio’s partnership, it will be very handy in the fight against climate change. According to the announcement detailing the partnership, firms will be able to make use of the Chainlink Carbon pricing oracle in a flexible and dynamic way for a long period of time.
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Rather than as one of the estimators of price, firms will easily be able to adjust their carbon pricing based on new regulations, scientific models, or other constantly changing factors or conditions.
Beyond the primary target of this oracle service, developers in the Web3.0 ecosystem will also find the new Chainlink service handy to create innovative smart contracts that can help organizations fight climate change around the world.