The World Economic Forum initiated a step to combat one of the grimmest climate change issues through web3 technology. The technology guiding the development of cryptocurrency has now made a remarkable impact on a wide array of industries. It has been emerging as a productive tool in addressing severe problems the world is facing for a considerable part of the time.
Currently, climatic changes concern the environmentalist. Earlier efforts couldn’t offer any positive outcome, so WEF launched a crypto sustainability coalition to combat the age-long issue of climate change.
Per reports, the coalition forum comprises 30 partners from various sectors like crypto, sustainable development, blockchain and web3. As web3 generates greater transparency, these groups of 30 organizations will share information concerning research and actions undertaken in the arena of environmental sustainability with the government so that better decisions can be taken.
The initiative heads toward environmental sustainability goals by actively working on three significant areas, which include
- Carbon credits
Limited transparency and failure to reduce carbon emission rates are two significant issues likely to be addressed in the forum. The coalition participants portray a common belief that blockchain-based carbon credit will bring outcome-driven solutions in addressing loopholes identified while carrying out initiatives on carbon footprint reduction.
- Energy use
The Crypto industry has always been under the scanner of environmentalists who believe mining consumes massive amounts of non-renewable energy. It will become another topic of discussion in the forum. The members will study the influence of crypto mining on the environment.
- Web3 innovation in climate change
Web3, emerging technology, will be under deep analysis by the coalition members, who will try devising ways to combat climate change. One of the significant criticisms will be concerning how crypto mining at off-peak times can be utilized for a new business model.
According to the World Economic Forum, Web3 uses technology to support direct community engagement and action. With its use, the work of many individuals can be coordinated without centralized control, enabling collective action.