The COP28 conference, which seeks to tackle global climate change, is commencing this week in the UAE, a significant oil producer. Despite the presence of high-profile attendees such as Pope Francis, the event is expected to be ineffective, as previous COP conferences have failed to produce legally binding targets for reducing greenhouse gas emissions. The conference chair, Sultan Ahmed Al-Jaber, is also the CEO of ADNOC, the state oil company that has been expanding its fossil fuel interests. The conference highlights the difficulties of aligning global incentives to fund the transition to renewable energy while reducing fossil fuel production and use.

While conferences like COP28 aim to increase awareness about climate change, they have made little progress in comprehending the economics of the issue and addressing necessary incentives. The cost of hosting such events is also exorbitant, and attendees are unlikely to arrive using environmentally friendly means. However, Bitcoin mining has the potential to economically support renewable grids and mitigate methane emissions from fossil fuel production. The fact that COP28 will have its first Bitcoin mining delegation with a high-quality panel is significant and highlights the potential of Bitcoin in climate change adaptation.