WEF Launch Crypto Sustainability Coalition to Leverage Web3
WEF launched Crypto Sustainability Coalition to leverage Web3 Technologies to?fight against climate change. This?new coalition?will look at how Web3 and blockchain technologies may be used to advance effective climate action.
the World Economic Forum (WEF) introduced the Crypto Sustainability Coalition, a project assessing the contribution of Web3 technologies to climate change mitigation.
This new coalition was announced recently during a panel discussion titled "Web3's Climate Impact" by the non-governmental organization with headquarters in Switzerland.
The association, consisting of 30 partners from businesses, educational organizations, and other institutions, will conduct a study on the effects of these technologies' energy usage and how they may support the ongoing decarbonization efforts. The partners are working at the intersection of sustainable development, web3, cryptocurrency, and blockchain technologies.
The coalition's members will investigate the potential advantages that technologies like blockchain, cryptocurrencies, and nonfungible tokens (NFTs) provide for social and environmental causes. The group will promote research and development, discuss best practices, and have an impact on regulation to help forward these efforts. Working groups will be formed inside the coalition to concentrate on three key topics: energy use, the possibility for climate action in Web3, and "On-chain" carbon credits.
The energy usage group will examine the energy and material consumption of the cryptocurrency sector to better understand how it affects the environment. The other key point involves leveraging Web3 technologies in order to decarbonize current activities. Decentralized activities such as mining may be part of these applications. The working group on on-chain carbon credits will investigate whether carbon credits based on blockchain technology can correct the current problems with the world's carbon markets.
This new venture is being supported by a number of partners consisting of Accenture, Avatree, CC Token, Circle, Energy Web Foundation, eToro, EY, Flowcarbon, Heifer International, KlimaDAO, Lukka, NEAR Foundation, PlanetWatch, Plastiks, Rainforest Partnership, Recykal, ReSeed, Ripple, Solana, Stellar Development Foundation, STEWARD, Sustainable Bitcoin Standard, The Global Brain, Toucan Protocol, University of Lisboa, and University of Labs.
WEF says the coalition seeks to promote a wider education campaign about web3's potential and capabilities so that governments are better informed about how they regulate these technologies and can incentivize investment.
The Forum's grant-funded effort, the Crypto Impact and Sustainability Accelerator (CISA), which aims to promote a better understanding of the environmental, social, and governance (ESG) consequences of crypto technology, is what made this new alliance possible.
CBW - External Analyst