The World Economic Forum has announced the launch of a Crypto Sustainability Coalition during a panel in the U.S.
This public-private initiative will consist of 30 partners who will work to leverage web3 technologies to better support positive climate outcomes.
Accenture, Ripple Labs, Avalanche, NEAR Protocol, Solana, Circle, and the University of Lisbon are all a part of this coalition.
Brynly Llyr, Head of Blockchain and Digital Assets, World Economic Forum said, “I am excited about the work we are expecting from the Crypto Sustainability Coalition.”
“An important and unique aspect of web3 is that it uses technology to support and reward direct community engagement and action. This means we can coordinate the work of many individuals directly with one another, enabling collective action without centralized control – a powerful accelerator for grass roots action.”
The coalition will support research and development, share best practices, and influence regulation. It will also focus on analyzing the crypto industry’s consumption of energy, and materials, to better understand its impact on climate and nature.
Members of the coalition believe that blockchain-based carbon credits could address the flaws of the current carbon market.
The group will proactively work to find ways in which web3 could help countries achieve lower carbon emission targets.
The coalition is also looking forward to supporting more efficient crypto mining practices.
The group will work as a part of the Crypto Impact and Sustainability Accelerator (CISA), an initiative launched by the World Economic Forum at the start of this year.
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