Secretariat under UN agreement to reward users for climate action with Crypto

3 min read

A United Nations climate change initiative signed a Memorandum of Understanding (MoU) with blockchain company W-Foundation to collaborate on climate action, according to a press release shared with Cointelegraph on May 16.

In accordance with the new MoU, the Secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) will work with the South Korea-based W-Foundation to promote global climate action projects, including greenhouse gas emission compensation by using rewards in cryptocurrency.

The recent MoU specifically focuses on the implementation of the WX Foundation's blockchain application HOOXI, a gaming and mobile social network based on a blockchain.

The HOOXI app is available for iOS and Android and encourages people to take climate action to reduce greenhouse gas emissions in exchange for mission points used for competitive user rankings. Every month the best 20% users are rewarded with W Green Green (WGP) cryptocurrency.

The UNFCCC secretariat and W-Foundation started the initiative together in November 2018.

In addition to HOOXI, the new MoU embodies a number of other projects, including the formation of a Program of Activities-based methodology for a subset of the HOOXI App portfolio and the application of distributed ledger technology (DLT) in offset markets.

W-Foundation is a non-profit environmental organization and a designated donation organization selected by the Ministry of Strategy and Finance of South Korea.

The UNFCCC Secretariat was established in 1992, following the approval of the UNFCCC Convention, which constitutes a parent agreement for the Kyoto Protocol signed in 1997, and the Paris Agreement in 2015. The Secretariat first unveiled its plans to use blockchain technology for climate change action back in 2017 as reported by Cointelegraph.

Recently the British car manufacturer Jaguar Land Rover announced its plans to use the Iota blockchain to reward crypto drivers for data reporting.

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Don Bradman

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