WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in Climate Change Battle

Web3, which refers to cryptocurrency and blockchain-based technology, is being investigated by energy groups. They want to find out if these technologies are harmful for the environment. The World Economic Forum (WEF), has taken these technologies into consideration and launched an initiative to see if they could be helpful in the fight against climate change.

The initiative is called the Crypto Sustainability Coalition and is made up of 30 companies, educational organizations, and other institutions that are interested in the issue. It was officially announced on September 21. Among these are known cryptocurrency-linked projects, like Solana, Avalanche, Circle, NEAR Foundation, Ripple, and the Stellar Development Foundation, among others.

As part of the Crypto Impact and Sustainability Accelerator (another larger initiative that was launched in the same year), this coalition will investigate the various ways these companies can help with this endeavor. Brynly Llyr is the head of digital assets and blockchain at the World Economic Forum.

Web3’s unique technology-based approach to community engagement and action is a key feature. Web3 allows individuals to coordinate their work with each other, which allows for collective action and a lack of central control.

Different Study Areas and Criticism

The new initiative already has three workgroups that are investigating key topics related to blockchain and crypto. One of these topics is the impact of these technologies on the environment and the future of nature.

Another important point is how Web3 technologies can be used to change or be leveraged to reduce carbon emissions. This could include mining or other decentralized activities.

The third topic is standardizing and putting Carbon Credits in Blockchain. This will make the issuance and management easier and more transparent, as well as allowing more people to take part in these markets.