The Banking Executive Magazine - November 2022 Issue

INTRODUCTION Two recent events are shaping the fu- ture of the world, the Conference of the Parties (COP27) in Sharm El Sheikh in Egypt and the Future of In- vestment Initiative (FII) in its 6th Edi- tion that was held in Riyadh in Saudi Arabia and referred to as “Davos in the desert”. The Future Investment Initiative concluded that the future of investment is dependent on regulat- ing cryptocurrencies, while COP27 warned the world of a climate disas- ter. This article debates whether cryp- tocurrency is the future of investment or a disaster to the climate and the world. Following a brief overview of FII and COP27, the article sheds light on the damage that can be brought to the climate from cryptocurrency and the possibility to overcome this damage by resorting to cryptocur- rency that offsets carbon and carbon credit market, and the responsible development of digital assets. The ar- ticle concludes with recommenda- tion to leverage cryptocurrency prospect while reducing harm to the climate and preserving the planet to- wards greater world sustainability. COP27 AT A GLANCE The 27th Conference of the Parties of Cryptocurrency IS CRYPTOCURRENCY THE FUTURE OF INVESTMENT OR A DISASTER TO THE CLIMATE? the BANKING EXECUTIVE 30 ISSUE 167 NOVEMBER 2022 BY DR SOHA MAAD