Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore, spoke at BlockShow Asia 2019 about the importance of blockchain for the economy, highlighting its indispensability for the development of green finance.
Mohanty defined green finance as follows: “How to monitor, how to measure, and how to mobilize finance for green assets.” He said blockchain can unite all three components.
Climate change is undoubtedly one of the hottest topics of the 21st century. This week Venice, Italy saw its biggest flood since 1966, and it caused irreversible damage to the city. The recent disaster reveals the inability of current economic initiatives to deal with climate change. Conceived in 2003 to protect the Venetian Lagoon, the MOSE project increased its initial estimated costs from $1.7 billion to $8.1 billion. Its launch has been postponed several times, while allegations of corruption keep swirling around the still-uncompleted project. Though Mohanty didn’t speak specifically about Venice’s troubles, he was clear that blockchain can solve exactly these kinds of problems.
Before the United Nations Climate Change Conference (COP25) in December 2019 can mark the culmination of green technology discussions this year, different world leaders and prominent businessmen are sharing their vision for the possible future of the green economy.
“I bet on sustainability,” said Mohanty. “Run green finance on blockchain.”