Sopnendu Mohanty, the Chief FinTech Officer at the Monetary Authority of Singapore, lit up the stage at BlockShow Asia 2019 with a call to action: blockchain technology is an indispensable ally in the fight for a sustainable economy. But what does this really mean for the future of green finance?
Understanding Green Finance
Mohanty laid out a clear definition of green finance: “How to monitor, how to measure, and how to mobilize finance for green assets.” In simpler terms, it’s about making sure we know what’s green, how to keep it green, and how to fund it sustainably. By uniting these components, blockchain technology crafts a bridge, connecting the dots between finance and our planet’s wellbeing.
Climate Change: A Global Wake-Up Call
As if we needed a reminder, climate change is currently the hot-button issue of our time. For instance, Venice recently experienced its most significant flood since 1966, leaving behind a trail of destruction. The MOSE project, intended to protect the Venetian Lagoon, ballooned from an initial budget of $1.7 billion to a staggering $8.1 billion! Talk about a financial hangover. Not to mention, the project has been plagued with allegations of corruption and delays that could rival a soap opera.
The Blockchain Solution
While Mohanty didn’t directly address Venice’s woes, his enthusiasm for blockchain suggests it may have the potential to handle issues like these head-on. With its transparent, immutable ledger, blockchain could ensure that funds allocated for projects like MOSE reach their intended purpose without getting lost in shady dealings.
Global Leaders Eyeing the Future
As discussions progress towards the United Nations Climate Change Conference (COP25) in December 2019, global leaders and corporate tycoons are putting their heads together to brainstorm anew. Mohanty tossed in his hat for sustainability when he boldly stated, “I bet on sustainability.” In a world where profit often overshadows ecological concerns, this sentiment is as refreshing as a cool breeze in July.
The Bottom Line
The message is clear: for the green economy to flourish, we need to embrace technology that can track our sustainability efforts effectively. And Mohanty’s bet on blockchain could very well pay off, championing an ecosystem where green finance is as robust as the aspirations of those who dare to dream of a greener planet.
