The World Economic Forum (WEF) has launched a Crypto Sustainability Coalition to assess the role of Web3 technologies in combating climate change. Comprised of 30 companies, academic groups and other institutions, the organization examines the energy consumption impact of these technologies and how they can help current decarbonization efforts.
To use WEF Web3 to fight climate change
Web3, a term that brings together cryptocurrency and blockchain-based technologies, is currently in the focus of energy groups seeking to determine whether the use of these technologies is harmful to the environment. The World Economic Forum (WEF) has launched an initiative to investigate whether these technologies can be useful in the fight against climate change.
The initiative, which was announced on September 21, is called the Crypto Sustainability Consortium and consists of 30 different companies, educational organizations and other institutions interested in this issue. Among them are projects related to cryptocurrency such as Solana, Avalanche, Circle, NEAR Foundation, Ripple and the Stellar Development Foundation, among others.
This alliance, as part of the Crypto Impact and Sustainability Accelerator, another major initiative launched this year, asks about the different ways these companies can organize to help in this effort. Brinley Lear, Head of Blockchain and Digital Assets at the World Economic Forum, said:
An important and unique aspect of Web3 is its use of technology to directly support and reward community participation and action. This means that we can directly coordinate the work of many individuals with each other, enabling collective action without central control.
Different areas of study and criticism
This new initiative has created different working groups to investigate three key issues related to crypto, blockchain and their use. One of these points is the energy use of these technologies and how these will affect the climate and nature in the future.
Another key point is how these Web3 technologies can be adapted and current activities related to decarbonisation. These applications may include mining and other decentralized activities.
The third theme is to standardize and store carbon credits in the blockchain, making the issuance and management of these instruments more transparent and trustworthy, and opening the door for more people to participate in these markets.
What do you think about the recently launched Crypto Sustainability Coalition at WEF? Tell us in the comments section below.
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