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Climate Change Actions To Be Rewarded With Cryptos In South Korea

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The Secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) signed a collaborative partnership with South Korean non-profit organization W-Foundation to promote global climate action. The W-Foundation will reward some of the top climate missions each month with its native cryptocurrency.

The MoU to this effect was signed by James Grabert, Director of Sustainable Development Mechanisms (SDM) at the UNFCCC and Youree Lee, CEO of W-Foundation.

The partnership will promote climate action by engaging individuals and organizations to protect the climate and to drive change towards the Sustainable Development Goals including climate neutrality.

The two organizations will now collaborate on a portfolio of climate action projects. The promotion of compensation of Greenhouse Gas (GHG) emissions through the use of the HOOXI App in the Republic of Korea is the first of many collaboration projects.

The first project will promote voluntary climate action including compensation of emissions through UNFCCC-recognized carbon credits, and the Climate Neutral Now initiative.

The partnership is focused on driving ambitious and immediate climate action, using UNFCCC-recognized carbon credits and market mechanisms to offset and compensate GHG emissions.

For this, W-Foundation will drive mass adoption of HOOXI App, a gamified mobile social network application, launched in December 2018. The app encourages the public to complete "climate missions" and share the results of those missions on the app, which generate "mission points" to be used to competitively rank the users on a monthly basis.

In order to encourage enthusiastic and voluntary participation, the top 20 percent are rewarded each month with WGP (W Green Pay), a blockchain currency or W-Foundation's native token.

W-Foundation will also work with the UNFCCC Secretariat to explore additional projects on application of distributed ledger technology (DLT) in the offset markets, among others.

The main objective of UNFCCC is to stabilize greenhouse gas concentrations in the atmosphere at a level that will prevent dangerous human interference with the climate system, in a time frame which allows ecosystems to adapt naturally and enables sustainable development.

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