Tags in this story
WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in Climate Change – Blockchain Bitcoin News
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 organisation, which is made up of 30 companies, educational groups and other institutions, will research the energy consumption impact of these technologies and how they can be used to help current decarbonisation efforts.
WEF will use Web3 to fight climate change
Web3, a term that groups together cryptocurrency and blockchain-based technologies, is currently in the spotlight of energy groups trying to determine whether the use of these technologies is harmful to the environment. The World Economic Forum (WEF) has decided to pay attention to these technologies and is launching an initiative to investigate whether they can be useful in the current fight against climate change.
The initiative, which was announced on September 21, is called the Crypto Sustainability Coalition, and it is composed of 30 different companies, educational organizations and other institutions interested in this issue. Among these are well-known cryptocurrency-related projects, such as Solana, Avalanche, Circle, NEAR Foundation, Ripple and Stellar Development Foundation, among others.
This coalition, as part of the Crypto Impact and Sustainability Accelerator, another larger initiative launched the same year, will ask about the different ways these companies can organize to help in this endeavour. 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 technology to support and reward direct community engagement and action. This means that we can coordinate the work of many individuals directly with each other, enabling collective action without centralized control.
Different areas of study and criticism
This new initiative has already created various working groups to investigate three key topics related to crypto, blockchain and their applications. One of these points has to do with the energy use of these technologies, and how these may affect the climate and nature in the future.
Another of the key points has to do with how these Web3 technologies can be modified and utilized to reduce the carbon footprint of today’s activities. These applications may include mining and other decentralized activities.
The third topic has to do with standardizing and putting carbon credits on the blockchain, making the issuance and management of these instruments more transparent and reliable, and opening the doors for more people to participate in these markets.
What do you think about the Crypto Sustainability Coalition recently launched by the WEF? Tell us in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, monticello, Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
