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World Economic Forum uses Web3 against climate change

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The World Economic Forum has launched the Crypto Sustainability Coalition, an initiative to assess the role of Web3 in addressing climate change. The organization consists of more than 30 companies in the industry such as: Avalanche, Solana, and NEAR, among others.

On September 21, the World Economic Forum launched the Crypto Sustainability Coalition during an event focused on sustainable development impact assessment.. The event lasted from September 19 to 23, and one of the most relevant points was the impact of Web3 on the environment.

The term Web3 encompasses the various technologies based on blockchain and cryptocurrency. For some time now, this field has been under constant scrutiny by various groups to determine the environmental impact of this technology. Many blockchains use a large amount of energy in their operation, which has led to Web3 being associated with high emissions and harmful activities in the eyes of environmentalists and other organizations.

The Crypto Sustainability Coalition seeks to reverse this picture and was established to assess the role of Web3 technologies in combating climate change.. With this goal in mind, it has managed to bring together a number of 30 entities in the industryincluding: companies, educational organizations, and institutions. Members include such relevant names as: Avalanche, Circle, Solana, NEAR Foundation, Stellar Development Foundation, and Ripple.among others.

Various initiatives and impact areas proposed by the World Economic Forum.

The Cryptocurrency Sustainability Coalition was created with 3 working groups/areas as the main points of research. The 3 points are about cryptocurrencies, blockchain networks, and the use of both today.

The first item will study the impact of energy consumption realized by the combination of the 3 technologies. The goal of this group is to find out what impact this activity will have on climate and nature in the future.

The second group will look at. investigate the changes that different Web3 technologies can make to modify their environmental impact.. This section will focus on the mining sector as one of the key topics.

The last group will deal with. Seeking a standard and creating carbon credits linked to different blockchains.. The goal is also to make the issuance of these instruments as transparent and reliable as possible, making it easier for potential new investors to access these markets.

Continue reading as Australia plans to complete pilot testing of its CBDC by 2023.could be interesting.

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