The World Economic Forum (WEF) has launched the Crypto Sustainability Coalition, an initiative dedicated to evaluating the role of Web3 technologies in fighting climate change. The organization, comprising 30 companies, educational organizations and other institutions, will study the energy consumption impacts of these technologies and how they can be used to support current decarbonization efforts. To do.
WEF uses Web3 to fight climate change
Web3, a term that summarizes cryptocurrencies and blockchain-based technologies, is currently attracting the attention 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 take these technologies into account and has launched an initiative to investigate whether these technologies can help in the current fight against climate change.
Announced on September 21st, the initiative is called the Crypto Sustainability Coalition and is made up of 30 different companies, educational institutions and other institutions interested in the issue. Among these are known cryptocurrency related projects such as Solana, Avalanche, Circle, NEAR Foundation, Ripple and Stellar Development Foundation.
The coalition, as part of another larger initiative launched this year, the Crypto Impact and Sustainability Accelerator, will explore the various ways these companies can organize to support this effort. Brynley Lill, 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 support and reward direct community engagement and action. This means that the work of many individuals can be directly coordinated with each other, enabling collective action without centralized control.
Different research areas and criticisms
This new initiative has already created various workgroups to explore three main subjects related to cryptography, blockchain and their use. One of these points has to do with the energy use of these technologies and how they will affect future climate and nature.
Another key point is how these Web3 technologies can be modified and leveraged to decarbonize current activities. These applications may include mining and other decentralized activities.
The third theme is standardizing carbon credits and putting them on the blockchain, making the issuance and management of these instruments more transparent and trustworthy, and encouraging more people to participate in these markets. It has to do with opening doors.
What are your thoughts on the recently launched Crypto Sustainability Coalition by the WEF? Let us know in the comments section below.
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WEF Launches Crypto Sustainability Coalition To Leverage Web3 Technology In Fighting Climate Change – Blockchain Bitcoin News
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