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Earth Today | CARICOM Climate Change Centre inks deal to bring blockchain education to the region

Published:Thursday | November 24, 2022 | 12:06 AM
Dr Colin Young (third from left) and other stakeholders show off the recently signed MOU.
Dr Colin Young (third from left) and other stakeholders show off the recently signed MOU.

THE CARIBBEAN Community (CARICOM) Climate Change Centre (5Cs) has formalised an agreement with the Blockchain & Climate Institute (BCI) together with Climate Digital Investments to bring capacity building in blockchain solutions to young people regionwide.

The agreement, which enables the development of the CARICOM Climate Blockchains Incubator, was signed on the sidelines of the recent United Nations Climate Conference (COP27) held in Egypt.

“The memorandum of understanding is to set up an incubator for blockchain for the CARICOM for which we can provide capacity building for Caribbean young people and about the blockchain technology; and then to allow them to find out how blockchain technology can be used for climate solutions,” explained Dr Colin Young, executive director of the 5Cs.

Blockchain is a form of shared database that stores data in blocks linked through cryptography, and which is typically used as a ledger to conduct transactions. Information from is that “blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralised record of transactions” and “guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party”.

The 5Cs MOU, meanwhile, specifically provides for an enabling environment for incubating locally owned climate blockchain solutions across CARICOM. It is to comprise, among other things, technical demonstrations about the tokenisation of climate assets; policy and regulatory support; and piloting to ensure that member states of the 5Cs can better understand the benefits as well as “be provided unique opportunities to experiment with emerging digital technologies to accelerate local climate actions at a later stage”.

“Blockchain allows you to tokenise assets and you can use the technology to create tokens which you can then buy and trade,” explained Young, adding that it is necessary to have Caribbean people in the know about the technology and what is possible for the region’s climate response.

The expectation, he said, is that the next few weeks are to see them hosting the first meeting among the partners to “work out the work plan to operationalise”.

“We hope to have the first (set of course takers) as early as next year. It is something, certainly, that can benefit the region,” the 5Cs boss said.