in environmental, social, and governance initiatives to address wider societal concerns than simply bottom-line profitability. The importance of ESG in these times cannot be overstated, as there is a need to raise awareness of global social and economic inequality and develop effective governance frameworks to address these issues.
Their presence dramatically improves economics for renewables and does not compete with households during scarcity events.” Furthermore, given the recent crackdown on miners in China, experts believe that energy consumption in Bitcoin mining will be significantly reduced, allowing for the adoption of blockchain technology in ESG initiatives.Blockchain technology can be a valuable tool in mitigating environmental issues such as climate change and carbon emissions.
Self-executing contracts enabled by a combination of blockchains and oracle networks that pull data from the real world can automate incentive systems to directly reward practices that help our environment.” Zhou points to the Green World Campaign and Cornell University who in partnership are developing smart contracts that will reward people who successfully regenerate tracts of land by increasing tree cover, improving soil, and implementing other restorative agricultural practices.
Adoption of blockchain technology can be very beneficial in promoting ESG initiatives by improving overall decentralized infrastructure and, in the long run, making these initiatives digitized and automated. For example, a recent report from Banking America with predictions for 2022, confirmed that one of the biggest trends in corporate America is ESG: “Nine in ten banks are paying attention to ESG and one in two would change parts or all of their business in response to new regulations.
As a result, blockchain technology improves the environment for suppliers, distributors, transporters, and retailers by making supply chains more efficient. Inon ‘The Economic Impact Of Smart Ledgers On Word Trade’ estimated the potential impact of blockchain technology worldwide to be “anything from a ‘modest’ rise in global trade of $35 billion per annum to perhaps as much as $140 billion.
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