The United Nations Development Programme (UNDP), which provides support and advice to developing countries as the global development arm of the UN, has announced a partnership that will see a Moldovan university receive solar energy funded by crypto.
The UN have formed an alliance with SunExchange, a solar power marketplace based in South Africa, to allow solar cells to be bought using SolarCoin, the crypto from ElectriCChain. These will then be leased to the Technical University of Moldova.
The Moldovan Problem
Moldova imports the vast majority of its energy and has been hit hard by price rises. But this crowd-funded UNDP initiative allows investors to gain a small return once the university starts producing energy over and above what is required for its powering. And if the initiative proves successful, there is the potential for expansion, with plenty of rooftop space available across Moldova, and a climate that could certainly support widespread solar power.
Blockchain Goes Green
Just under $1 billion was invested in developments in the environmental industry last year. And blockchain is expected to play a major role over the next few years, when this amount is expected to grow exponentially. In Moldova, this crypto-funding initiative could give the country a new lease of life, ending its dependence on other countries such as Russia for imports. And should this trial prove a success, there is a clear business model that could be reproduced across Eastern Europe, where economies are struggling and levels of dependence on larger nations are perhaps unsustainably high.
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