1.1 Introduction

In utilizing the power of blockchain technologies, Circularity aims to bring circular, green energy technology and initiatives to the forefront.

As economies grow, so does the demand for energy. Factories and manufacturing plants around the world have long employed the vast majority of their energy from fossil fuels and natural gas, using these carbon-based fuels to power the machines that produce electricity or drive processes to manufacture the different products and resources society consumes on a regular basis.

Energy is a key component in driving the economy and society’s productivity. It has become such an innate part of human life, that we are only recently coming to terms with the detrimental long-term effects of the greenhouse gases emitted in our pursuit of energy generation and consumption.

With increased human activity, the energy and petrochemical industries are hastening to meet the market’s escalating demand. Energy sources are depleting; however, it is impossible for factories to simply cease production. Thus, they continue to mine in untouched lands, adding problems of land disruption on top of the overwhelming toxic gases hanging in the atmosphere.

Carbon dioxide and other greenhouse gases like methane and nitrous oxide emissions trap heat in the atmosphere, raising the Earth’s temperature. The obvious consequences of this climate disaster are represented by melting glaciers and rising sea levels, but the problem worsens when considering the abnormally long heatwaves, extreme droughts, and stronger hurricanes that follow.

The man-made effects of climate change further aggravate the state of the environment. The excess amount of toxic gases hanging in the air, bushfires, and droughts are some of the leading factors contributing to the ongoing mass extinction of species across the planet, with one-third of all animal and plant species set to disappear by the year 2070 if climate change is not stopped.

In 2021 alone, carbon dioxide emissions reached a sum of 36.3 billion tons worldwide. With industries now finally starting to recover from the pandemic-driven lockdowns, more energy sources are becoming necessary. The chemical and energy industries, of which purpose, functions, and products are traditionally associated with the other, are addressing the demand but at the cost of the environment and resource depletion.

Furthermore, recent price spikes for these scarce resources are also leading to an energy crisis, causing an immense rise in diesel, gas and electricity prices in the developed and developing world. In 2022, domestic gas and electricity are at their highest price points in decades, as the pandemic, invasion of Ukraine, higher demand and failing supply chains combine to form a chaotic mixture of factors that have made renewable energy even more urgent and pushed companies to act not only on protecting the environment, but also to protect the next most important thing to many company shareholders: their pockets.

Thankfully, humanity has already begun the battle against climate change. We are combining the powers of all our sciences with the advances of our technology to halve carbon emissions by 2030 and neutralize them (net-zero) by 2050. Even the most advanced technologies related to experimental fields and industry 3.0, such as AI, advanced catalysis and quantum computing, are seeing applications in the ongoing carbon neutrality efforts.

...which leads us to the introduction of blockchain in this battle against climate change, and Circularity's goals.

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