Opinion: Utilizing digital assets to secure funds for climate change efforts at COP28

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The annual UN Climate Change conferences, also known as COPs, bring countries from around the world together to address the challenges and needs of climate change.

COP28 is set to take place in Dubai, United Arab Emirates from November 30 to December 12, 2023. In a strong warning ahead of COP28, Jagan Chapagain, the Secretary General of the International Federation of Red Cross and Red Crescent Societies (IFRC), emphasized that climate change is the underlying cause of almost every humanitarian disaster faced by the world.

IFRC leaders and experts will argue that a humanitarian catastrophe can only be avoided through a combination of mitigation (reducing emissions to prevent temperature rises beyond 1.5 degrees), adaptation to a warmer world, and accelerated efforts to prevent, minimize, and address losses and damages. They will emphasize the need to focus on adaptation in countries, communities, and crises most affected by climate change, especially those receiving the least amount of funding for adaptation. They will also highlight the importance of community-level initiatives that work from the ground up as the most effective projects and initiatives.

At COP28, delegates will explore ways to provide relief to those affected, with the formal adoption of a damage fund to assist the nations most severely impacted by the climate crisis. It’s worth noting that donations of IFRC digital assets are also accepted, with the British Red Cross accepting over 70 cryptocurrencies via email.

The impact of climate disasters extends to biodiversity as well. A recent in-depth analysis by Aplaceforanimals delves into the critical questions surrounding the threat to our planet’s species due to climate change. The findings, based on the examination of diverse habitats, are alarming. Amphibians, for example, are facing a significant danger, with 41% of species on the verge of extinction. Out of the 65,000 vertebrate species, which make up only 3% of all animal species, a staggering 42,100 are under imminent threat of extinction due to climate change.

The data sheds light on Indonesia, a country known for its unparalleled biodiversity with 10,408 animal species. However, it is also home to 1,233 species under threat. Australia and Mexico are also raising alarm bells, with threat rates of 12.5% and 13.9% respectively.

Aplaceforanimals assessed each country based on criteria such as species diversity, number of endangered species, and conservation efforts, assigning scores to provide an overall rating. The research heavily relies on data from the International Union for Conservation of Nature (IUCN), offering a meticulous perspective on the state of wildlife conservation worldwide.

The climate and biodiversity of our world are deeply interconnected. Climate change puts immense pressure and risks on food, agriculture, and especially ocean and water systems, which are essential for our well-being. Through my work in the Future of Power art show at COP28, I aim to draw attention to the fact that the ocean plays a crucial role, generating 50% of the oxygen we need, absorbing 25% of carbon dioxide emissions, and capturing 90% of the excess heat from these emissions. It is imperative that we protect and manage our oceans, wetlands, biodiversity hotspots, and natural carbon sinks.

With most endangered species residing in the sea, the COP28 Presidency, High-Level Panel for a Sustainable Ocean Economy (The Ocean Panel), UN High-Level Climate Champions, and Marrakesh Partnership for Global Climate Action will shine a spotlight on the ocean. They will present country commitments towards the goal of 100% Sustainable Ocean Management and showcase tangible actions supporting the implementation of the Ocean Breakthrough.

It’s important to note that organizations such as the Oceanic Society, Ocean Defenders Alliance, Sea Shepard, Wildlife Conservancy Network, and Wildlife Conservation Society have partnered with The Giving Block to facilitate quick and easy donations of over 70 leading cryptocurrencies.

Science, culture, and art also play significant roles at COP28. UNESCO recognizes natural, cultural, tangible, and intangible heritage as vital resources for conveying our story to future generations. Climate change also impacts cultural heritage, affecting historical cities, their environmental heritage, and protected landscapes.

During the opening of COP28 on November 30, Her Highness Sheikha Latifa Bit Mohammed Bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture) and Member of the Dubai Council Dubai Culture, hosted Prototypes for Humanity. This event showcased 100 selected projects from 46 countries and 92 universities that have the potential to revolutionize the world through innovative climate change solutions.

Additionally, the government of the United Arab Emirates intends to launch a new Group of Friends of Culture-Based Climate Action at the UNFCCC during a High-Level Ministerial Dialogue on Culture-Based Climate Action, scheduled for December 8th at COP28 in Dubai.

The Group of Friends will be an informal coalition of UNFCCC member states dedicated to strengthening political momentum for compelling, coordinated action in support of culture and heritage-based climate action, as well as protecting culture and heritage from climate impacts. The launch of the Group of Friends and the Ministerial Dialogue is a significant step forward for culture and heritage and for the success of global efforts to combat climate change.

Andrew Potts, Coordinator of Climate Heritage Network, Culture at COP28 Working Group Secretariat, explained that “culture and heritage have unparalleled potential to drive green transformation.” He further added that the Group of Friends is being formed to advocate for the inclusion of a “Joint Work Decision on Culture and Climate Action” on the agenda for COP29. This decision would pave the way for the adoption of a landmark work program in a subsequent COP, potentially in Brazil, unlocking the potential of culture and heritage in climate action.

Various museums, including members of the Climate Heritage Network such as the Smithsonian Institution’s Center for Environmental Justice at the Anacostia Community Museum, explore the climate-related impacts of endangered cultural heritage and the efforts in mitigation and adaptation. These museums have partnered with The Giving Block to facilitate donations of over 70 leading cryptocurrencies. Cryptocurrency donations to 501(c)(3) non-profit organizations/charities are tax-deductible and can be made anonymously in the US.