WEF Launches Coalition to Use Web3 and Blockchain in Climate Change Action
The World Economic Forum (WEF) has launched the Crypto
Sustainability Coalition, an initiative dedicated to assessing the role of Web3
technologies in the fight against climate change. The organization, which is
composed of 30 companies, educational groups, and other institutions, will
study the impact of the energy consumption of these technologies and how they
can be used in de-carbonization efforts.
WEF to Use Web3 to Fight Climate Change
Web3, a term that groups crypto and blockchain-based
technologies, is currently in the limelight among energy activists seeking to
determine the impact of these technologies on the environment. The World
Economic Forum (WEF) is launching an initiative to investigate if it can be
useful in the current fight against climate change.
The initiative was announced on September 21 as the Crypto
Sustainability Coalition, comprised of 30 companies, educational institutions,
and organizations working on the issue. Among these are known crypto-linked
projects, like Solana, Avalanche, Circle, Ripple, NEAR Foundation, and the
Stellar Development Foundation, among others.
This coalition is part of the Crypto Impact and Sustainability
Accelerator, another bigger initiative launched this year. It will inquire
about the different ways in which these companies can organize to help in the
fight against climate change. Brynly Llyr, Head of Blockchain and Digital
Assets at the World Economic Forum, stated:
"An important and unique aspect of Web3 is that it uses
technologies to support and reward direct community engagement and action. This
means we can coordinate the work of many individuals directly with one another,
enabling collective action without centralized control."
Different Study Areas and Criticism
This new initiative has already created several working groups
to investigate three key functionalities related to crypto, blockchain, and
their usage. The focus is on the energy usage of these technologies and how
they can impact the climate and nature in the future.
The other key determinant is how Web3 technology can change to
decarbonize current activities. These applications might include mining and
other decentralized activities.
The third issue is standardizing and putting carbon credits on
the blockchain, making the issuance and management of these instruments more
transparent and trustable, and opening the doors for more people to participate
in these markets.
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