Blockchain has been touted as a solution for problems ranging from curing cancer to legitimizing the black market in the US Prison System. While some use cases are definitely more tenuous than others, there is currently a lot of faith in blockchain climate change solutions. But is it justified?
The Climate Change Problem Is Getting Worse
In October last year, the UN issued its starkest warning on climate change yet. We have only twelve years left to restrict global warming to a maximum of 1.5 C (2.7 F) compared to pre-industrial levels. Even half a degree beyond this will bring far worse risks of extreme heat, drought, and floods. Furthermore, the damage caused by climate change is expected to displace more than 143 million people over the next three decades, who will be forced to flee their homes to escape climate-related issues.