19.3 C
New York

Gitcoin and Shell Partner to Leverage Blockchain for Climate Solutions

Published:

Gitcoin, a platform that empowers communities to fund and build open-source projects, has announced a collaboration with Shell, a global energy company. The partnership aims to explore innovative ways to incentivize the adoption of renewable energy sources and provide transparency and verifiability for carbon markets.

Collaboration Details

The collaboration will encompass a donation to the Gitcoin matching fund for the next four Climate Solutions rounds in the Gitcoin Grants Program and a hackathon in Q4 of this year, focusing on blockchain-related energy use cases.

The Gitcoin Grants Program is a quarterly initiative that employs Quadratic Funding to distribute resources in alignment with community needs. This program has already distributed over $50 million to early-stage builders working on projects across DeFi, Climate, Open Source, and more.

Azeem Khan, Gitcoin’s Head of Impact, expressed the company’s enthusiasm for the collaboration, stating, “We’re excited to announce this collaboration with Shell as another key example of the real-life potential to scale transparent funding allocation via blockchain technology for real-world solutions.”

Shell’s Commitment to Sustainability

Shell’s collaboration with Gitcoin aligns with its commitment to contribute to sustainable development in its business processes and decision-making. The organization aims to provide more sustainable and cleaner energy solutions responsibly, balancing short- and long-term interests and integrating economic, environmental, and social considerations.

Vikram Seth, Blockchain & Web3 Manager at Shell, emphasized the importance of the partnership, saying, “Working with Gitcoin is a great way to discover and support cutting edge projects from all around the world and to leverage innovative funding mechanisms to harness the wisdom of the crowd.”

The Gitcoin-Shell collaboration marks a significant step in the utilization of blockchain technology to address complex coordination issues in the energy industry. By fostering open-source software for climate solutions, the partnership seeks to create a more transparent and sustainable future.

This collaboration is a testament to the growing recognition of blockchain’s potential to drive real-world solutions, especially in sectors that require intricate coordination and transparency, such as energy and climate.

Image source: Shutterstock

Related articles

spot_img

Recent articles

spot_img