The World Economic Forum (WEF) has launched the Crypto Sustainability Coalition, an initiative to assess the role of Web3 technologies in the fight against climate change. Launched by 30 companies, educational organizations, and other institutions, the organization will study the energy consumption impacts of these technologies and how they can be used to support current decarbonization efforts.
WEF Leverages Web3 to Fight Climate Change
Web3, a term grouping cryptocurrency and blockchain-based technologies, is now attracting the attention of energy groups seeking to determine whether the use of these technologies is environmentally deleterious. The World Economic Forum (WEF) has decided to take these technologies into accountand has launched an initiativeto investigate whether they are useful in the current fight against climate change.
The initiative, announced on September 21, is called the Crypto Sustainability Coalition and is made up of 30 different companies, educational institutions, and other organizations interested in this issue. Among them are known cryptocurrency-related projects such as Solana, Avalanche, Circle, NEAR Foundation, Ripple, and Stellar Development Foundation.
The coalition will inquire about the different ways these companies can be organized to collaborate in this endeavor as part of the Crypto Impact and Sustainability Accelerator, another major initiative launched in the same year It is. Brynly Llyr, head of blockchain and digital assets at the World Economic Forum, said.
An important and unique aspect of Web3 is the use of technology to support and reward direct community engagement and action. In other words, it coordinates the activities of many individuals directly with each other, enabling collective action without centralized control.
Different Research Areas and Critiques
This new initiative has already created different workgroups to investigate three key themes related to cryptography, blockchain, and its use. One of these points relates to the energy use of these technologies and how they may affect the climate and nature in the future.
Another point has to do with how these Web3 technologies could be transformed and leveraged to decarbonize current activities. Such applications might include mining and other decentralized activities.
The third challenge has to do with standardizing carbon credits, putting them 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.
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