1. BITBILIHome
  2. Article

European Investment Bank embraces blockchain for climate bond

• 87 views

TL;DR Breakdown

  1. The European Investment Bank (EIB) has launched a Climate Awareness Bond, its first-ever digital bond using blockchain technology.
  2. The bond utilizes the so|bond platform developed by Crédit Agricole CIB and SEB, featuring the Proof of Climate awaReness (PoCR) protocol.
  3. The PoCR protocol incentivizes nodes to improve their infrastructures’ environmental footprint, linking rewards to reduced environmental impact.

Description

In a groundbreaking development in sustainable finance, the European Investment Bank (EIB) has launched a green bond that embraces blockchain technology, specifically engineered to foster climate action. This marks a historic first for the bank, turning towards digitization to advance its environmental agenda. This Climate Awareness Bond, worth roughly $120 million, runs on an environmentally … Read more

In a groundbreaking development in sustainable finance, the European Investment Bank (EIB) has launched a green bond that embraces blockchain technology, specifically engineered to foster climate action.

This marks a historic first for the bank, turning towards digitization to advance its environmental agenda. This Climate Awareness Bond, worth roughly $120 million, runs on an environmentally cognizant platform, presenting a unique confluence of finance and technology.

Innovative use of blockchain technology

The bond’s unique feature lies in its use of the so|bond platform, a brainchild of Crédit Agricole CIB and SEB, launched in April 2023.

Built on blockchain, the platform employs a novel Proof of Climate awaReness (PoCR) protocol, ensuring energy consumption comparable to non-blockchain systems.

Moreover, it incentivizes nodes to constantly enhance their infrastructure’s environmental footprint, thereby marrying technological progress with sustainability.

This remuneration system, tied to each node’s environmental impact gauged through the Life Cycle Assessment ISO standard, ensures that the lesser the footprint, the greater the reward.

This pioneering effort shows the European Investment Bank’s dedication to using innovative technologies for promoting sustainable practices. The so|bond platform’s operators are Crédit Agricole CIB, CACEIS, and SEB, with the former overseeing the new digital bond’s safekeeping.

Green finance meets technological evolution

EIB Vice-President Ricardo Mourinho Felix celebrated this monumental moment as another stepping stone in EIB’s path towards sustainable finance. The bank’s commitment to green finance is evident in this innovative move.

In the words of Pierre Gay, the Global Head of Crédit Agricole CIB’s Global Markets Division, EIB’s pioneering approach aligns with their commitment to address inefficiencies in primary market processes in a sustainable fashion.

Adding to the sentiment, Anna Sjulander, Global Head of SSA DCM at SEB, noted that the bond’s introduction signaled progress in combining innovation and climate-smart solutions.

Ben Powell, SEB’s Global Head of Sustainable DCM, emphasized that their blockchain platform was built with an environmentally conscious approach, directly addressing concerns over high energy consumption in financial sector blockchain deployments.

Arnaud Delestienne, LuxSE Director of International Capital Markets, considered this bond a significant stride towards digitalizing capital markets, reflecting a strong focus on environmental consciousness.

He expressed support for the novel initiative, marking it as a successful addition to the Luxembourg Green Exchange platform.

The EIB’s move to embrace blockchain for a climate bond marks a decisive step towards integrating financial innovation with environmental stewardship.

It presents a unique precedent for other institutions looking to adopt similar strategies, thereby pushing the boundaries of sustainable finance into uncharted territories. The banking industry is poised for a paradigm shift, where blockchain technology goes hand in hand with climate awareness.

As the European Investment Bank demonstrates, the future of finance lies in a unique marriage of technology and sustainability, pointing the way towards a greener, more sustainable future.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:European Investment Bank embraces blockchain for climate bond

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月23日 01:17
Next 2023年6月23日 04:10

Related articles

  • Twitter’s transformation strategy is not that impressive

    TL;DR Breakdown Twitter plans to focus on video, creator, and commerce partnerships to revitalize its business beyond digital advertising. The move comes amid chaos following Elon Musk’s acquisition of Twitter last year. New CEO Linda Yaccarino has started talks with influencers and payment services to establish potential alliances. Description Twitter’s aspiration to rejuvenate its business extends beyond just digital advertising, as it eyes the expansive horizons of video, creator, and commerce collaborations. However, the grandeur of this vision might not match up to the reality on the ground, raising questions about the platform’s true potential. Twitter’s reliance on digital advertising Linda Yaccarino, the newly … Read more Twitter’s aspiration to rejuvenate its business extends beyond just digital advertising, as it eyes the expansive horizons of video, creator, and commerce collaborations. However, the grandeur of this vision might not match up to the reality on the ground, raising questions about the platform’s true potential. Twitter’s reliance on digital advertising Linda Yaccarino, the newly appointed CEO who took the helm on June 5, has been initiating preliminary talks with influencers from the…

    Article 2023年6月20日

  • Are ledger hardware wallets secure? A comprehensive analysis

    TL;DR Breakdown Crypto market analysts claim that there is a backdoor in Ledger hardware wallets.  Ledger has vehemently denied the presence of any backdoor in its hardware wallets.  Ledger’s hardware wallets are designed with multiple layers of security measures to safeguard users’ funds effectively. In the world of crypto, security is paramount, especially the hardware wallets. Investors and enthusiasts alike seek reliable solutions to safeguard their digital assets. Ledger, a prominent name in the industry, offers hardware wallets designed to provide robust protection against unauthorized access and potential vulnerabilities.  However, concerns have been raised regarding the security of Ledger hardware wallets. Here is a thorough analysis to address these concerns and shed light on the overall security of Ledger wallets. Contents hide 1 Hardware Wallets – debunking ledger backdoor myth 2 The importance of trust – Security measures implemented by Ledger 2.1 Secure element technology 2.2 PIN protection 2.3 Seed phrase backup 2.4 Firmware verification 3 Addressing vulnerabilities and risks 3.1 Beware of phishing attempts 3.2 Secure storage 3.3 Regular updates 4 Bottom Line Hardware Wallets – debunking ledger backdoor…

    Article 2023年5月17日

  • JPMorgan shakes up staff: 40 investment bankers axed

    TL;DR Breakdown JPMorgan Chase & Co has let go of 40 investment bankers amid a sluggish market that has dampened deal-making across Wall Street. The move follows a prediction by the bank’s president, Daniel Pinto, about a 15% fall in investment banking and trading revenue for the second quarter. Despite the layoffs, JPMorgan is still hiring executives and bankers in key areas, suggesting the cuts are strategic. Description JPMorgan Chase & Co, the banking colossus, has set the financial industry abuzz by reducing its investment banking staff by a startling 40 members. A figure that might seem relatively small, but resonates deeply within the firm and echoes across the corridors of Wall Street. JPMorgan’s expected move amid tense economic climate JPMorgan’s staff trim … Read more JPMorgan Chase & Co, the banking colossus, has set the financial industry abuzz by reducing its investment banking staff by a startling 40 members. A figure that might seem relatively small, but resonates deeply within the firm and echoes across the corridors of Wall Street. JPMorgan’s expected move amid tense economic climate JPMorgan’s staff…

    Article 2023年6月27日

  • LiFi Introduces Multi-Bridge Governance Solution Amidst Uniswap Controversy

    TL;DR Breakdown After a contentious debate on Uniswap’s bridge security, LiFi introduced a multi-message aggregator for decentralized governance, allowing votes to be confirmed by multiple bridges. While LiFi’s solution promises enhanced security, it awaits an audit; meanwhile, other protocols like Gnosis’s “Hashi” face scrutiny for their readiness in the DeFi landscape. Description In the ever-evolving world of decentralized finance (DeFi), the recent announcement by LiFi, a multichain bridging protocol, has garnered significant attention. On August 17, Arjun Chand, the research lead at LiFi, unveiled a new multi-message aggregator tailored for decentralized autonomous organization (DAO) governance. This development comes on the heels of a heated debate on bridge … Read more In the ever-evolving world of decentralized finance (DeFi), the recent announcement by LiFi, a multichain bridging protocol, has garnered significant attention. On August 17, Arjun Chand, the research lead at LiFi, unveiled a new multi-message aggregator tailored for decentralized autonomous organization (DAO) governance. This development comes on the heels of a heated debate on bridge security within the Uniswap forums. Contents hide 1 The Uniswap Debate: A Backdrop 2 LiFi’s…

    Article 2023年8月20日

  • PayPal’s stablecoin sees little adoption so far

    TL;DR Breakdown PayPal’s stablecoin, PYUSD, is struggling to gain significant adoption despite the company’s industry stature. The overall stablecoin market has shrunk from $167 billion to $124 billion in 2023. Critics have pinpointed PYUSD’s centralized nature as a possible deterrent to its growth. Currently, 90% of PYUSD’s supply is held by its issuer, Paxos, and there are only 233 total holders. Description When an industry giant like PayPal dives into the crypto market’s stablecoin realm, the expectation is that it would, in no time, sail to the top. It’s not just wishful thinking; it’s an anticipation built on the reputation of the company. But to the surprise of many, PayPal’s much-vaunted stablecoin, Paxos-issued PYUSD, is failing to … Read more When an industry giant like PayPal dives into the crypto market’s stablecoin realm, the expectation is that it would, in no time, sail to the top. It’s not just wishful thinking; it’s an anticipation built on the reputation of the company. But to the surprise of many, PayPal’s much-vaunted stablecoin, Paxos-issued PYUSD, is failing to make waves in the digital…

    Article 2023年8月27日
TOP