WEF Establishes Crypto Sustainability Coalition to Use Web3 Technologies, Fight Climate Change

The Crypto Sustainability Coalition, a project aimed at evaluating the contribution of Web3 technologies to the battle against climate change, was introduced by the World Economic Forum (WEF). The association, consisting of 30 businesses, educational organizations, and other institutions, will study the effects of these technologies’ energy usage and how they may support the ongoing decarbonization efforts.

Energy organizations are presently focusing on Web3, a phrase that encompasses blockchain- and cryptocurrency-based technologies, to ascertain whether their use harms the environment. The World Economic Forum (WEF) has agreed to consider them to determine if these technologies may be helpful in the ongoing battle against climate change.

The Crypto Sustainability Coalition is a project unveiled on September 21 and comprises 30 different businesses, educational institutions, and other institutions interested in this topic. This includes several well-known cryptocurrency-related initiatives, including Solana, Avalanche, Circle, NEAR Foundation, Ripple, and the Stellar Development Foundation. 

This coalition will look at how these businesses might band together to aid in this quest as part of the Crypto Impact and Sustainability Accelerator, a more extensive project started this same year. Three main topics relating to cryptocurrency, blockchain, and their use have already been the focus of separate workgroups formed as part of this new project. One of these considerations relates to these technologies’ energy consumption and future effects on the environment and climate.

Brynly Llyr, the World Economic Forum’s director of blockchain and digital assets, said, “an important and unique aspect of Web3 is that it uses technology 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.”

The ability of these Web3 technologies to adapt and be used to decarbonize present operations is another significant feature. The mining industry and other decentralized activities may be included in these applications. The third topic focuses on standardizing and placing carbon credits on the blockchain, improving the transparency and reliability of these instruments’ issuance and management, and allowing more individuals to enter these markets.

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