On November 16, the 5th Climate-Energy Conference was held at the Shilla Hotel in Seoul. It was co-hosted by KAIST Graduate School of Green Growth and Coalition for Our Common Future under the theme of “Hothouse Earth? How to Mobilize the Change for Our Sustainable Future”. Steve Zhu (Founder, Wealedger Technology Co., Ltd.) was invited to attend the conference and delivered a speech at the “Blockchain: Carbon Reduction and Fine Dust” session.
The conference consists of 5 parts that are “Trajectories of Earth Climate System: Where Are We Heading and What Needs to Be Done?” “How to Finance the Change We Need to Have”, “Korean Strategy of North-East Asia Super Grid”, “Blockchain: Carbon Reduction and Fine Dust” and “Voices from the Young”. Attendees also concluded Korea government officials and global climate experts. There are Chang Hee Kang (Chairman of Climate Change Center, Former Speaker of the 19th National Assembly), Hyoung Kwon Ko (Vice Minister, Ministry of Economy and Finance of the Republic of Korea), Park Chun Kyoo (Vice Minister of Environment) and others.
Sung Chul Shin, President of KAIST, delivered a welcoming speech, “the goal of green growth and sustainable development is to promote cooperation, integration and social attention among countries to achieve new economic development.”
The “Blockchain: Carbon Reduction and Fine Dust” session was held at 15:20 on that day. The conference was hosted by Kim, Sungwoo (Head, Environment and Energy, Kim and Chang). The speakers were Kwon, Sei-joong (Director-General, Ministry of Foreign Affairs, Republic of Korea), Steve Zhu (Founder, Wealedger), and Anton Galenovich (Founder, DAO Integral Platform for Climate Initiatives) and Tom Baumann (The Founder and Co-Chair, Climate Chain Coalition).
In the session, Steve Zhu delivered a profound speech entitled “Carbon Emission with Blockchain — the Innovative Way to Go”, showing the audiences how Wealedger used blockchain to provide several solutions to carbon emission reduction challenges.
Wealedger committed to the blockchain technology and its related industry-level application development. Steve Zhu introduced that Wealedger started from Shenzhen and are gradually conducting business in Shanghai, Chengdu, Beijing, Hong Kong, Seoul, Silicon Valley, New York, Zug, Berlin and etc. Its strategic positioning is based on technology development platform, financial innovation consultant and business transformation expert. Its success is based on two types of chain: Zhongxin-Chain and Xinyun-Chain. Wealedger has successfully implemented many innovative solutions in different scenarios such as digital IP, traceability, charity, fitness, supply chain finance, logistic finance and etc.
Steve Zhu proposed three major challenges of carbon emission reduction:
1. Lack of credible carbon emission databases around the world, especially data collection standards and methods. Centralized database led to lack of trusted data.
2. Global Carbon trading is inactive. Generally, ERPA (Emission Reductions Purchase Agreement) for primary carbon credits is not standardized. And access threshold is high, only limited experts and investors can play the game.
3. Global attention and engagement are not enough. Lack of systematic relevance to everyone’s daily life. Lack of motivation and education for the public.
In response to the three challenges, Steve Zhu also gave the solutions: trusted data, encrypted transaction and incentive.
Details as follow:
1. Help government and enterprise to build blockchain & IoT based carbon emission data collection, which improve the data transparency, efficiency, and irreversibility. (Data generally come from smart electricity meter, aerial detection, sewage detection and other sensors.) In addition, Wealedger’s blockchain tech can provide an investment platform for carbon emission reduction projects in developing countries.
2. Establish a decentralized carbon exchange based on blockchain. In the exchange, participants can use carbon emissions to accumulate credits and use the credits to conduct transactions. Build Carbon DEX and use smart contract to define the right trading mechanism in a global vision. The carbon trading threshold can be significantly reduced, thereby effectively increasing the activity and participation of carbon trading.
3. Create a personal carbon incentive mechanism based on blockchain. Wealedger used blockchain to link the encrypted Carbon-DEX
with eco-friendly products, and when eco contribution occurs like “public transportation”, “recycle products”, “new energy vehicles”, “daily eco saving”, Token or point could be rewarded as incentive. Points could be exchanged for eco-friendly products. Through such an incentive plan, improve the relevance to everyone’s daily life, and encourage everyone to actively participate in carbon emission reduction rather than a bystander.
At the meeting, Sukhbaatar Tsegmid (Chairman, the Mongolian State-owned Energy Company) asked: It is all-known that modern technology’s development would cause eco damage. As a modern technology, the bitcoin network is very energy-intensive. How to balance the relationship between the two when using blockchain to promote eco protection?
Steve Zhu responded: It was a really bad practice to build an eco-friendly DAPP based on Bitcoin and Ethereum. We should reconstruct a climate and energy friendly public chain that meets eco requirements. He appealed to work together to build a global blockchain ecology. Wealedger could provide blockchain technologies, including but not limited to middleware and basic DAPP development.
The final part is to introduce the Copenhagen P4G summit’s results, which Moon Jae-in (the Republic of Korea’s President) has attended, and discuss how to continue to implement the results. As the only female entrepreneur representative to visit Copenhagen with the President, Lee Soo-young (KOLON ECO ONE Group CEO) gave a wonderful speech at this session, and announced that KOLON ECO ONE and Wealedger were co-researching how to implement the CarbonBloc project.
Steve Zhu has been highly recognized in the conference. The Ministry of Foreign Affairs of the Republic of Korea also invited Steve Zhu to attend the upcoming COP24 in Poland, further promoting the eco-friendly public chain advocated by Steve Zhu.
(COP24 refers to the 24th Conference of the Parties to the United Nations Framework Convention on Climate Change. COP24 will take place from 3-14 December 2018, in Katowice, Poland. One of its most important tasks is to develop and adopt a set of decisions to ensure the full implementation of the Paris Agreement.)
Steve Zhu’s visit to South Korea for the 5th Seoul Climate-Energy Conference strongly suggests Wealedger’s globalization strategy. Wealedger has more and more prominent appearances in the world, and its international influence is also constantly improving.
Seoul Climate-Energy Conference: Since 2014, it has gathered global climate experts, scholars, universities, legislatures and media with a focus on climate change, energy issues, and specific solutions for sustainable developments. It conducted a special session to discuss the Copenhagen P4G Summit’s results and Korea government’s future tasks. It has conveyed the main results to the global leaders. We can believe that the 5th Seoul Climate-Energy Conference will be another milestone in our sustainable future.