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WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in the Fight Against 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 organization, which is made up of 30 companies, educational groups and other institutions, will study the energy consumption impact of these technologies and how they can be used to help current decarbonization efforts.

The WEF will use Web3 to fight climate change

Web3, a term that brings together cryptocurrency and blockchain-based technologies, is currently under the spotlight of energy groups looking 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, launching an initiative to study 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 is made up 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 the Stellar Development Foundation, among others.

This coalition, as part of the Crypto Impact and Sustainability Accelerator, another larger initiative launched that same year, will learn about the different ways these companies can organize themselves to contribute to this enterprise. Brynly Llyr, Head of Blockchain and Digital Assets at the World Economic Forum, said:

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 reviews

This new initiative has already created different working groups to investigate three key topics related to crypto, blockchain and their use. One of these points concerns the energy consumption of these technologies and their impact on the climate and nature in the future.

Another of the key points concerns how these Web3 technologies can evolve and be exploited in order to decarbonize current activities. These applications may include mining and other decentralized activities.

The third topic concerns the standardization and integration of carbon credits in 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.

Keywords in this story

Avalanche, Bitcoin, Blockchain, Carbon Credits, Climate Change, Cryptocurrency, NEAR, Solana, Web3, WEF, World Economic Forum

What do you think of the Crypto Sustainability Coalition recently launched by the WEF? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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