Liverpool pioneers blockchain technology for “climate positive” goal
Liverpool will use a blockchain technology platform to reduce its carbon footprint.
The city council is testing the technology to offset carbon impacts of products and services, so individuals and organizations can support environmentally-friendly projects and reverse the effects of climate change.
Liverpool City Council wants it to become the first “climate positive authority” in the world by the end of 2018 and the first climate positive city by the end of 2020.
“This technology is the first of its kind to truly deliver a solution to governments, businesses and individuals around the world to help reverse the causes of climate change and I am thrilled this agreement will bring this cutting-edge technology to our city,” said Joe Anderson, Mayor of Liverpool.
The council is partnering with the Poseidon Foundation to test a blockchain platform that will allow tokenized carbon credits to be exchanged.
They believe the initiative could ultimately offset the city’s climate impact by more than 110%.
As part of the strategy, the council is also installing 15,000 energy-saving LED streetlights across 2,000 streets with the aim of reducing streetlight energy consumption by 82%.
Malta-based Poseidon Foundation offers a blockchain platform that aims to reduce environmental impacts.
Poseidon has also partnered with the likes of ice cream firm Ben & Jerry’s to trial the platform.