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Blockchain, Web3, and Green Finance Intersect at Point Zero Forum Switzerland (English and Tagalog)

Photo for the Article - Blockchain, Web3, and Green Finance Intersect at Point Zero Forum Switzerland (English and Tagalog)

This article is available in English and Tagalog. Check out more Tezos articles on BitPinas.

The invite-only event saw luminaries, including founders, investors, and policymakers gather in Zurich, Switzerland, to drive a meaningful exchange of ideas to advance FinTech and Web3 in the digital economy.

Tezos Foundation President Roman Schnider and TZ APAC Managing Director Katherine Ng joined representatives from over 200 organizations, including development banks, sovereign wealth funds, central banks, and government departments in the inaugural event.

Across 30 on-stage discussions, 9 regulatory sessions, and 15 workshops and think tanks, the attendees canvassed a range of issues at the intersection of the global financial system, technology, and climate change. Importantly, attendees zeroed in on the finance and technology sectors’ commitments to the world’s 2030 climate action goals under the Paris Agreement.

Moreover, the forum successfully brought together the latest developments and thinking around Web3 and sustainable finance, and unpacked the evolution of the DeFi sector and the opportunity it presents.

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As President of the Tezos Foundation and a leader in global blockchain, Roman spoke on a panel devoted to the topic of adaptive regulatory approaches to DeFi. The 10-person discussion looked at the development of DeFi protocols and their benefits to the wider financial system, retail consumer protections and regulatory jurisdiction, obligations for centralized regulated exchanges, and thinking beyond the Crypto Travel Rule.

Photo for the Article - Blockchain, Web3, and Green Finance Intersect at Point Zero Forum Switzerland (English and Tagalog)
Katherine Ng (second from right) at Point Zero Forum 2022

Where blockchain and sustainable finance intersect

According to Minister of State Alvin Tan, the Monetary Authority of Singapore (MAS) is playing a role in developing global and regional taxonomies and green standards, and building Singapore into a green finance hub.

Part of that journey involves Singapore’s increasing engagement with blockchain organizations and the nation’s interaction with the sector as a regional blockchain hub.

According to Katherine, the blockchain sector has heard MAS’ and other regulatory organizations’ calls about blockchains’ need to commit to a sustainable future. The momentum comes even as Web3 technology disrupts – and arguably makes more efficient – global financial systems.

“That’s why more than 200 blockchain companies and individuals launched the Crypto Climate Accord, committing to net-zero operations and 100% renewable energy-powered blockchains by 2030”.

As recognized by the OECD – OCDE and the EU alike, blockchain can imbue greater integrity and trust in the sustainability sector and provide clarity to make more meaningful inroads in addressing climate change in a verifiable way.

Tezos uniquely positioned as a sustainable Layer 1 public blockchain

A lot has been written about blockchains and the potential energy and carbon footprint they carry. “But not all blockchains are created equal,” says Katherine.

“Tezos is a pioneering Layer 1 Proof of Stake (PoS) blockchain and has been recognized as an energy-efficient alternative to more traditional Proof of Work (PoW) chains.”

According to a report released in 2021 by the French arm of PwC, the total annual carbon footprint of the Tezos blockchain is equivalent to the average energy footprint of 17 global citizens. With this type of commitment toward energy efficiency, PoS chains such as Tezos can help accelerate ESG assessments and enable green finance initiatives.

Photo for the Article - Blockchain, Web3, and Green Finance Intersect at Point Zero Forum Switzerland (English and Tagalog)
Point Zero Forum 2022: Aligning Innovation and Regulation in a DeFi World: How an Adaptive and Centralized Regulatory Approach can Shape a Protected Future of Finance

Singapore at the forefront of green finance initiatives

Singapore has already implemented numerous green finance initiatives, including the Accounting and Corporate Regulatory Authority (Acra) and Singapore Exchange Regulation (SGX RegCo) sustainability reporting advisory committee and the Singapore Government’s Green Bond Framework.

When it comes to initiatives incorporating blockchain, the most visible example to date comes from MAS’ Project Greenprint. The project is a collection of initiatives that aims to harness technology and data to enable a more transparent, trusted, and efficient ESG ecosystem to enable green and sustainable finance.

As part of the project, a blockchain-based network of ESG registries records and maintains the provenance of ESG certifications and verified data.

Blockchain the answer in an accountable world

As reporting requirements on ESG increase, tracking and verifying any entity’s ESG credentials is becoming more crucial to organizations. Being able to re-risk and point to an indelible ledger recorded on a blockchain not only helps ensure the boxes are ticked in the regulatory sense, it arguably results in greater efficiencies with the potential to lower the costs of compliance and reporting overall.

And, when governments, blockchains, and the finance sector work together, they can ensure a robust and transparent sustainable future for all.

(Tagalog) Blockchain, Web3, at green finance, Nagtagpo sa Point Zero Forum Switzerland

Sa invite-only event na ito nakita natin ang ilan sa mga prominenteng tao, kabilang ang mga founders, investors at mga policymakers na nagsama-sama sa Zurich, Switzerland, upang pasimulan ang pagpapalitan ng makabuluhang mga ideya na magpapasulong sa Fintech at Web3 sa digital economy.

Ang event na dinaluhan ng Managing Director ng TZAPAC na si Katherine Ng, ay naglatag ng forum at series ng mga makabuluhang diskusyon sa pagitan ng mga senior leader mula sa iba’t ibang gobyerno at negosyo.

Naging matagumpay ang forum sa pagbibigay ng mga pinakabagong development at mga pag-iisip tungkol sa Web3 at sustainable finance.

Sa harap ng higit 200 organisasyon, kabilang ang ilan sa mga nangungunang blockhain sa mundo, mga development banks, sovereign wealth funds, mga bangko sentral at mga departamento ng pamahalaan, ang forum na ito ay nakapagbigay ng mahalagang simulain para sa finance at technology sectors na nangakong tuparin ang 2030 climate action goals sa ilalim ng Paris Agreement.

Ang pagtatagpo ng blockchain at sustainable finance

gampanin sa pagdevelop ng global at regional taxonomies at green standards, at sa pagbuo sa Singapore bilang isang green finance hub.

Parte ng hangaring ito ay ang lumalaking engagement ng Singapore sa mga blochchain organizations at ang interaksyon ng bansa sa nasabing sector bilang isang regional blockchain hub.

Ayon kay Ng, napakinggan na ng blockhcain sector ang panawagan ng MAS at ng iba pang regulatory organization tungkol sa pangangailangan ng blockchain na magcommit sa isang sustainable future. Ang momentum ay nagtuloy-tuloy pa rin kahit nagagambala ng Web3 technology – at lalong mas nagiging episyente – ang mga global system.

“That’s why more than 200 blockchain companies and individuals launched the Crypto Climate Accord, committing to net-zero operations and 100% renewable energy-powered blockchains by 2030”.(‘Yan ang dahilan kung bakit naglunsad ang higit 200 blockchain companies at indibidwal ng Crypto Climate Accord, na kung saan nangako sila ng net-zero operations at 100% renewable energy-powered blockchain pagdating ng 2030)

Dahil kinikilala ito ng OECD-OCDE at ng EU, kaya ng blockchain na makapagbigay ng mas mataas na integridad at tiwala sa sustainability sector at makapagbigay rin ng kalinawan para makagawa ng mas makabuluhang progreso sa pagtugon sa climate change sa paraang napatunayan na.

Tezos, nasa natatanging posisyon bilang isang sustainable Layer 1 public blockchain

Marami na ang naisulat tungkol sa blockchain at sa dala nitong potential energy at carbon footprints. “But not all blockchains are created equal,” (Pero hindi lahat ng blockchain ay binuong magkakapareho) sabi ni Ng.

“Tezos is a pioneering Layer 1 Proof of Stake (PoS) blockchain and has been recognized as an energy-efficient alternative to more traditional Proof of Work (PoW) chains.” (Ang Tezos ay isa sa naunang Layer 1 Proof of Stake (PoS) blockchain at kinilala bilang isang energy-efficient na alternatibo sa mas tradisyunal na Proof of Work (PoW) chains.)

Ayon sa ulat na nilabas noong 2021 ng French arm ng PwC, ang taunang total carbon footprint ng Tezos blockchain ay pareho sa avergae energy footprint ng 17 global citizens. Sa ganitong uri ng commitment sa energy efficiency, matutulungan ng PoS chains tulad ng Tezos na mapabilis ang ESG assessments at maisakatuparan ang green finance initiatives.

Singapore, nangunguna sa green finance initiatives

Nakapagpatupad na ng Singapore ng maraming green finance initiatives, kabilang ang Accounting at Corporate Regulatory Authority (Acra) at Singapore Exchange Regulation (SGX RegCo) sustainability na nag-uulat sa advisory committee at sa Green Bond Framework ng Singapore Government.

Pagdating sa inisyatibong may kinalaman sa blockchain, ang pinakakilalang halimbawa sa kasalukuyan ay mula sa Project Greenprint ng MAS. Ang proyektong ito ay isang koleksyon ng inisyatibo na naglalayong linangin ang technology at data upang maisakatuparan ang isang mas transparent, mapagkakatiwalaan at episyenteng ESG ecosystem upang maisakatuparan din ang green at sustainable finance.

Bilang bahagi ng proyektong ito, ang isang blockchain-based network ng ESG registries ay nagrerekord at nagmemaintain sa kasaysayan ng ESG certification at verified data.

Blockchain, sagot sa isang accountable world

Habang tumataas ang reporting requirement sa ESG, ang pag-track at pag-verify sa ESG credentials ng anumang entity ay nagiging mas mahalaga na para sa mga organisasyon. Ang kakayahang i-risk ulit at i-point sa isang indelible legder na nakarekord sa isang blockchain ay hindi lang makakatulong sa pagsiguro na nagampanan na ang hinihingi ng regulasyon, mas nagiging episyente rin ito sa pagpapababa ng kabuuang halaga ng compliance at reporting.

At, kapag nagtulungan ang mga gobyerno, mga blockhcain at ang finance sector, masisiguro nila ang isang matatag at transparent na sustainable future para sa lahat.

This article is published on BitPinas in collaboration with TZ APAC: Blockchain, Web3, and Green Finance Intersect at Point Zero Forum Switzerland (English and Tagalog)

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.