The Crypto Sustainability Coalition was launched by the World Economic Forum (WEF). It is an initiative that aims to assess the impact of Web3 technology in combating climate change. This group, made up of thirty companies and educational groups, is dedicated to studying the effects of energy consumption by these technologies and how it can be applied in support of current efforts at decarbonization.
WEF will use Web3 for Climate Change Fighting
Web3, which refers to cryptocurrency and blockchain-based technology, is being studied by energy organizations that want to assess whether these technologies are harmful for the environment. These technologies have been taken into consideration by the World Economic Forum (WEF), who launched an initiative to see if they could be beneficial in the fight against climate change.
It was launched on September 21st and includes 30 companies, educational institutions, and other organizations interested in the issue. Among these are known cryptocurrency-linked projects, like Solana, Avalanche, Circle, NEAR Foundation, Ripple, and the Stellar Development Foundation, among others.
As part of the Crypto Impact and Sustainability Accelerator (another larger initiative that was launched in the same year), this coalition will investigate the various ways these companies could organize themselves to support this effort. Brynly Llyr is the head of digital assets and blockchain at World Economic Forum.
Web3 has a unique feature that supports and rewards direct community involvement and action. Web3 allows individuals to coordinate their work with each other, which facilitates collective action and avoids central control.
Different study areas and criticism
The new initiative already has three workgroups that are investigating key topics related to blockchain and crypto. These technologies’ energy use and potential impacts on nature and climate are just a few of the issues that these groups will be addressing.
The key point is also how Web3 technologies could be used and modified to help decarbonize existing activities. This could include decentralized activities such as mining.
The third topic is standardizing and placing carbon credits in blockchain. It makes the issuance of and management easier, more transparent, and safer, opening up the markets for more participants.
How do you feel about the Crypto Sustainability Coalition, launched by the WEF recently? Leave a comment below.
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