On July 19, a local news outlet reported Liverpool City Council’s announcement about using blockchain tech to alleviate the city’s climate impact. LLC’s official Twitter account also stated that this effort is a bid that will hopefully make them become the world’s first climate-positive city by the end of 2020. As a consistent city of firsts, Liverpool is leading the country’s sustainability agenda.
The council partnered with Poseidon Foundation, a non-profit organization based in Malta that uses blockchain technology for forest conservation, to conduct a blockchain platform trial that will last a year.
The platform will facilitate the security and exchange of tokenized carbon credits with the end goal of counteracting the city’s climate impact by over 110%. To achieve the 110% offset, LLC has the benchmarks of decreasing the city’s climate impact by 40% by 2030.
LLC is already installing 15,000 energy-saving LED streetlights across 2,000 streets with the intention of reducing streetlight energy consumption by 82%. With the city’s history of having cut more than 558,000 tons of carbon emissions since 2012, the current plan looks promising.
Joe Anderson, Mayor of Liverpool, believes that Poseidon’s technology will deliver a solution to government, businesses, and individuals in reversing the causes of climate change. He further added his excitement with the agreement and in bringing the cutting-edge technology in the city.
A Strategic Business Summit will be hosted by the city this September 2018. Business, social enterprises, and not-for-profits from across the city region are invited to explore how Poseidon can help individual companies become climate positive.
This is not the first time that Liverpool engaged with the crypto and blockchain industry. Last year in February, Colu (a Tel-Aviv based blockchain startup) partnered with local business advocates of Liverpool to launch a digital currency for foreign travelers and UK residents to use.