Blockchain can help mitigate the impact of climate change, says Singapore’s central bank

By Staff Reporter

June 10, 2010

New technologies like blockchain can help mitigate the impact of climate change, said Ravi Menon, managing director of Monetary Authority of Singapore (MAS), Singapore’s de facto central bank in a speech delivered at the launch of Sustainability Report of 2020/2021.

“The lack of access to trusted high-quality data on a project’s carbon emissions is probably the biggest impediment to green finance,” he said. “Acquiring and verifying such data is currently manual, slow, and prone to greenwashing.”

He said that technology has the potential to solve this problem.

“Application Programming Interfaces (APIs) and Internet of Things (IoT) devices can enable more accurate data acquisition while technologies like block chains can help to verify and share data on a trusted basis,” he said.

MAS has earmarked S$50 million to support Green FinTech innovations.

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